Results 1 to 3 of 3
LinkBack URL
About LinkBacks-
08-19-2007, 09:58 AM #1
Renter
- Join Date
- Aug 2007
- Posts
- 5
Owner Financing
I know some people finance their own house to a buyer instead of the buyer going to a bank. I also found out that reason this is done, is because the buyer cannot get a loan for some reason. What I would like to know is the whole picture of the Owner Financing set up. Is it safe? Is it worth the trouble etc. etc. If somebody could take time out to explain this or point me to a website I sure will appreciate it. Thanks in advance.
-
08-19-2007, 01:53 PM #2
Condominium
- Join Date
- Aug 2007
- Location
- Kentucky - in a barn!
- Posts
- 279
Owner financing can be done for a variety of reasons. Maybe the seller doesn't want to get hit as hard for capital gains, would like a higher return than he can get in conservative investments like CDs @ a bank, etc.
Theres not very many limits in regard to what types of terms can be agreed upon - its really what you can negotiate to make happen.
As far as it being "safe" - depends on the terms.Last edited by Malok; 08-20-2007 at 05:55 AM.
-
08-19-2007, 07:22 PM #3
Mansion
- Join Date
- Nov 2006
- Posts
- 1,232
For buyers, it is very interesting: you can buy without to have to qualify as FICO, job or whatever. Plus, you save mortgage fees, thousands of $$$
For sellers, it is very interesting: you can get a steady payment for the next 30 years. If the buyer default, you foreclose and get the home back, you keep the down payment, plus dozens of others advantages...
Reply With Quote
Bookmarks