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Posted: Thu Oct 15, 2009 12:00 pm Post subject:

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.

gmakerley · Posted: Fri Oct 16, 2009 10:17 am Post subject:

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.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Agree with George

All ti is goign to do is make them spend more money

Guest

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.

jenkin7 · Posted: Fri Oct 30, 2009 12:17 am Post subject:

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.

gmakerley · Posted: Fri Oct 30, 2009 11:54 am Post subject:

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.

Guest

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.

gmakerley · Posted: Fri Nov 13, 2009 11:49 am Post subject:

yes, ann, but take heed that unless you know all the legalities involved, you'll need assistance, we firmly believe.

Guest

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

jenkin7 · Posted: Thu Dec 10, 2009 5:37 am Post subject:

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.

gmakerley · Posted: Thu Dec 10, 2009 9:57 am Post subject:

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.

Guest

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?

eric1 · Posted: Wed Dec 23, 2009 1:45 pm Post subject:

A purchase contract. Have an attorney draw up the contract.

Guest

Does the title company assist with writing up these offers?

jenkin7 · Posted: Mon Mar 15, 2010 10:37 pm Post subject:

Hi Tink,

A title company can help you with writing up owner financing agreements. You can open an escrow with a title company or you can contact a real estate lawyer to take care of the paperwork required for the owner financing contract.

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Where can I get owner finance legal docs?