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Owner Finance Buyers Help

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derrickwms Joined: 28 Mar 2011 Posts: 4 2.16 Dollars($)	Posted: Mon Apr 18, 2011 10:26 am    Post subject: Owner Finance Buyers Help Like 0 Dislike 0 We moving to Texas next month. I've been self employed for the last 10years and recently returned to school. Because of some business related credit issues our scores are low. We have money saved for a down payment but, we are concerned about making an owner financed deal: 1 Clear title 2 Owner not paying original mortgage on time. 3 Not qualifying in 5 years for refi. although unlikely Other than these three things what are some additional concerns. And with my 3 concerns listed how do I protect myself as the buyer(mainly the first 2 ). Thanks
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Apr 18, 2011 11:54 pm    Post subject: Like 0 Dislike 0 Hi derrickwms! Welcome to forums! If you go for owner financing, then you and the seller of the property should sign an agreement mentioning the terms and conditions of the deal. You should get this done by an attorney. The terms and conditions as mentioned in the agreement will help you in saving yourself in case there is a problem with the property or the mortgage. Feel free to ask if you've further queries. Sussane

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