Does this House For Sale sound like a good deal? (fixed rate, real estate)

[debbiest23]

'newly constructed home for sale. 2 story, 2800 sq. ft. 3 bdrm, 4 bath, finished basement w/3 car garage. Owner financing. $7,000 down payment. 30 yr. fixed rate mortgage at 6%. No points. $800 closing fee. '

Is Owner Financing a good way to go? Does this sound good?
Any comments would be appreciated.
Debbie

[kturbe]

Make sure the contract is firm and reviewed with an expert and all your interest are covered, inspections, apprasials included, etc.

Look at seller financing like this, isn't it great to be able to use someone elses money. No different then borrowing from a bank.

[debbiest23]

I just spoke with the seller/builder and the house is selling for $495,000!!
Way out of my price range.I could never afford the mortgage on that house!
It would cost more than what I take in every month for peets sake!
Anyway I want to thank you for the reply.

[martinez4]

Even so.....if it was in your price range, owning financing is fine as long as you have a valid contract that spells out all terms. Then have a real estate lawyer review it before signing. Many folks who do not need the money from the house but want a monthly income use owner financing as an alternative.

[EANJ]

Originally Posted by debbiest23

'newly constructed home for sale. 2 story, 2800 sq. ft. 3 bdrm, 4 bath, finished basement w/3 car garage. Owner financing. $7,000 down payment. 30 yr. fixed rate mortgage at 6%. No points. $800 closing fee. '

Is Owner Financing a good way to go? Does this sound good?
Any comments would be appreciated.
Debbie

Debbie -- regardless of the price point issue -- I absolutely, positively, and very truly mean no offense whatsoever . . . I just don't see how you can get a qualified, educated, etc. answer to this type of question. City, State, specific neighborhood, safety, crime, demographics, schools, house(s) of worship, transportation, shopping, political and ethnic landscape, and so many more items might or might not come into play here. The house itself -- quality, workmanship, construction, inspection, and so on.

Now, economics -- cash flow, tax benefits, opportunity costs (and recovered opportunity costs), and so on.

Buying a home is a big decision. Perhaps one that some people take too lightly. Anyway, good luck!

[martinez4]

Originally Posted by EANJ

Debbie -- regardless of the price point issue -- I absolutely, positively, and very truly mean no offense whatsoever . . . I just don't see how you can get a qualified, educated, etc. answer to this type of question. City, State, specific neighborhood, safety, crime, demographics, schools, house(s) of worship, transportation, shopping, political and ethnic landscape, and so many more items might or might not come into play here. The house itself -- quality, workmanship, construction, inspection, and so on.

Now, economics -- cash flow, tax benefits, opportunity costs (and recovered opportunity costs), and so on.

Buying a home is a big decision. Perhaps one that some people take too lightly. Anyway, good luck!

I thought the OP was just asking about "owner financing".......

[EANJ]

Originally Posted by martinez4

I thought the OP was just asking about "owner financing".......

Got it. I know/see that was one question, and that's important. The rest of the post landed with me, more as a "is this a good deal". I just read it as the title stated and the rest of the post. Anyway -- owner financing to me is not a problem. I view it like any other lender and would treat the transaction the same way.

Does this House For Sale sound like a good deal?
'newly constructed home for sale. 2 story, 2800 sq. ft. 3 bdrm, 4 bath, finished basement w/3 car garage. Owner financing. $7,000 down payment. 30 yr. fixed rate mortgage at 6%. No points. $800 closing fee. '

Is Owner Financing a good way to go? Does this sound good?
Any comments would be appreciated.
Debbie