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Owner financing

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ddunbar34 Joined: 29 Oct 2008 Posts: 2 2.09 Dollars($)	Posted: Wed Oct 29, 2008 3:49 pm    Post subject: Owner financing Due to job transfer, we have to sell our home. We currently have a 20 yr mortgage and a 2nd for our pool (didn't plan on moving) with payments totaling $3000/m. We cannot refinance because for sale and expensive. If money is given down, is that earnest and kept or go to the principal? What is recommended to do in this situation? Dorene
brian1 Community Experts Joined: 14 Jun 2008 Posts: 361 Location: Northern California 0.65 Dollars($)	Posted: Wed Oct 29, 2008 6:04 pm    Post subject: Yes any money collected would go towards principal if it is a straight owner finance. If it is a lease option you can get a deposit like a landlord would? Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com Need quick advise email or PM Glad to help

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