Archive for the ‘seller financing’ tag
Seller Financing
Owner financing seller financing
Owner Financing
(or commonly known as “Seller Financing”)
You might be thinking, “I can just make payments directly to the seller instead of getting a mortgage? Then I could get a home no credit check.” That could be a good except you will more than likely find that deal from a real estate company than an individual and here are some reasons why on a common owner finance deal.
Owner finance via seller or Real Estate company.
Let’s say the seller is selling his or her house for $200,000, and they’ve got $150,000 left on the mortgage. If they sell it the regular way, where you get your own loan from a bank, then $150,000 of the loan will go to pay off the seller’s old mortgage, and the seller will wind up with $40,000 less any closing costs and associated fees.
But if the seller wants to owner-finance to you, then s/he’ll have to get their equity back in small payments over time rather than one lump sum at closing. Most individual sellers prefer not to do owner finance and get their money in one lump sum.
The seller wants all their money as fast as possible.
The most common reason most owners want a “regular sale” is because they want or need their money to buy a new house elsewhere and couldn’t owner finance even if they wanted to as most do not have extra thousands of dollars lying around to be able to afford it.
Another reason the seller might not want to owner finance is that they don’t want to wait for their money whether they plan to buy another home or not.
Often sellers usually either can’t seller finance or owner finance or they don’t want to. That’s why it can be difficult to find houses that are owner-financed by individual sellers.
The good news. There are many good real estate companies who offer owner financed houses and
real estate with no credit check. Many times the owner financed terms are similar to banks and sometimes can even be better such as smaller down payment requirement etc. Minasproperties.com is one of several companies that offer owner finance houses.
Regardless of where you find your owner finance deal be sure to review all of the documents carefully and hire an attorney to review the documents and give their opinion and help you better understand the ins and outs of the owner finance deal. It is more than worth it to hire an attorney for a few hundred dollars to help protect an investment that is for many people the single largest investment they will ever make.
About the Author
Dan Joseph www.nocreditcheckproperties.com Expert owner finance Consultant.
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