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Posted: Thu Oct 15, 2009 12:00 pm Post subject: |
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Leigh,
You could contact a title company to assit you with drawing up the documents (note, deed, sales contract, things like that). You can even hire a third party servicer to make a payments, witch will help with the accounting. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 9749 Location: bloomfield, ct
35.02 Dollars($)
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Posted: Fri Oct 16, 2009 10:17 am Post subject: |
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a third party servicer? for what reason? to take the profit away from the deal to begin with? in a private matter such as this (person to person), i can't believe that hiring anyone to service such a loan would be worth the trouble. it's not even worth the internet space used to suggest it, i don't think. _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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sunnyca2009

Joined: 04 Aug 2009
Posts: 1735
35.94 Dollars($)
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Posted: Sat Oct 17, 2009 8:53 am Post subject: |
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Agree with George
All ti is goign to do is make them spend more money |
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The Bryce
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Posted: Thu Oct 29, 2009 3:09 pm Post subject: |
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| Is it legal to owner finance a home if we still owe on it? We have a home we owe $90,000 on. Our tenants would like to buy it for $140,000. |
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jenkin7

Joined: 04 Jun 2007
Posts: 4282 Location: Hawaii
675.69 Dollars($)
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Posted: Fri Oct 30, 2009 12:17 am Post subject: |
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Hi Bryce,
I believe owner financing is possible even though there is an existing mortgage on the property. A rent-to-own option would be suitable in such a situation. The buyer can rent the property from you. You can make your mortgage payments using the monthly rent. Then after a certain period of time, the buyer can refinance the property and get the full title to the property. You can consult a lawyer regarding this and get a rent-to-own agreement drafted by him. |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 9749 Location: bloomfield, ct
35.02 Dollars($)
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Posted: Fri Oct 30, 2009 11:54 am Post subject: |
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i agree in part with your theory, jenkin, but not fully. we've seen instances in which people have rented with an option to purchase later on, with part of the rental payments being credited toward down payment money. however, the renter is not going to be able to refinance later on; in fact, the two parties would have to enter into a purchase and sales agreement, and the renter would then have to obtain a new mortgage for that purchase.
i agree that a lawyer is imperative, for all parties involved. _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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Ann Chandler
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Posted: Fri Nov 13, 2009 10:15 am Post subject: paperwork |
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| i am selling my house to a young lady who will be marrying my son next year. i want to owner finance for her. Can I do everything myself? I have my clear deed with me. |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 9749 Location: bloomfield, ct
35.02 Dollars($)
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Posted: Fri Nov 13, 2009 11:49 am Post subject: |
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yes, ann, but take heed that unless you know all the legalities involved, you'll need assistance, we firmly believe. _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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Lisa27
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Posted: Wed Dec 09, 2009 7:04 pm Post subject: Owner financing |
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| I fell in love with a house out of state, but being that I do not live in that state or work there, i am having a hard time getting the mortgage approved even though I have been qualified for the amount. What kind of owner financing can I ask the seller if she would consider doing for me? Thank you |
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jenkin7

Joined: 04 Jun 2007
Posts: 4282 Location: Hawaii
675.69 Dollars($)
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Posted: Thu Dec 10, 2009 5:37 am Post subject: |
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Hi,
If you are going to live out of the state and not going to occupy the property, it is going to be difficult for you to get financing for the house. You are not going to rent the property. So, a rent-to-own type of owner financing is not possible. I'm not sure if any type of owner financing will be suitable for your situation. If you can afford both your primary home and this new home, you can go for a mortgage and purchase the house as your second home. You can own the property without having to occupy it throughout the year. |
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gmakerley
 Community Mentor

Joined: 09 Nov 2007
Posts: 9749 Location: bloomfield, ct
35.02 Dollars($)
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Posted: Thu Dec 10, 2009 9:57 am Post subject: |
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lisa, please elaborate on your situation so that our commentary can make sense for you.
as jenkin7 noted, you can consider this home to be a second home for financing purposes, but you'd obviously have to meet guidelines for any lender to consider that. if it's a property that you'd wish to use for investment, then the parameters of qualifying are much more difficult to meet.
as for owner financing, i'd say that this is a negotiable thing with your seller. the two of you would have to agree on the terms and conditions of such a mortgage - that's pretty much it. _________________ George M. Akerley
Loan Consultant
860-221-5044 |
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macky
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Posted: Wed Dec 23, 2009 12:04 pm Post subject: |
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| mother in law owns a house and she owes 10 years on it told me if i wanted to take the payments over when its paid for it would be mine. What kind of contract should be drawn up? |
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eric1
 Community Experts

Joined: 04 Jan 2009
Posts: 1414
209.96 Dollars($)
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