Posted on: 06th Oct, 2008 11:30 am
i would like to sell my house owner finance but don't know where to find the forms
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.
Agree with George
All ti is goign to do is make them spend more money
All ti is goign to do is make them spend more money
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.
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.
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.
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.
i agree that a lawyer is imperative, for all parties involved.
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.
yes, ann, but take heed that unless you know all the legalities involved, you'll need assistance, we firmly believe.
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
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.
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.
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.
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.
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?
A purchase contract. Have an attorney draw up the contract.
Does the title company assist with writing up these offers?
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.
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.
our landlord wants to sell us her home which she owns free and clear. she is willing to owner finance. can we take out a mtg or home equity loan for the down payment using the house? house value is $272,000, she is selling to us for $200,000 because it is very outdated and in need of lots of cosmetic repairs. we were going to see about getting a loan for $100,000 giving her $50,000 for a down and $150,000 owner finance.