Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
As an Agent, I can find them by searching "owner finance" on my MLS. I'm not sure if any of the websites like Realtor.com show you the TYPE of financing. If you have an Agent, she should be able to search her MLS.
Besides using a realtor, you might try joining a real estate investors email group (seach meetup.com). I see owner financed properties offered by investors occasionally on the TREIC (Texas group) daily email.
TREIA, Triangle Real Estate Investors Association may be a starting place.
Before you get too far along in search and discussion, have your attorney lined up.
You need title work and confirmation that all liens and home loans are paid off, a note, recording, home inspection, negotiation, survey, etc.
All "Owner Financing" should be is the owner holding the note, with all other parameters of due diligence by a prudent buyer 100% observed.
Be careful.
Some "owner financing" scams are just you paying the owner and hoping that the owner is paying their mortgage payment. If owner is not paying, the bank can foreclose on him and you are out all your money with your goods in the street.
If you "Buy" the house, you should have a deed registered in your name. That will not happen if the seller's mortgage is not paid off in full.
TREIA, Triangle Real Estate Investors Association may be a starting place.
Before you get too far along in search and discussion, have your attorney lined up.
You need title work and confirmation that all liens and home loans are paid off, a note, recording, home inspection, negotiation, survey, etc.
All "Owner Financing" should be is the owner holding the note, with all other parameters of due diligence by a prudent buyer 100% observed.
Be careful.
Some "owner financing" scams are just you paying the owner and hoping that the owner is paying their mortgage payment. If owner is not paying, the bank can foreclose on him and you are out all your money with your goods in the street.
If you "Buy" the house, you should have a deed registered in your name. That will not happen if the seller's mortgage is not paid off in full.
In addition to Mike's comments above, I would like to add that you need to be very careful about entering into any agreement where the Seller would keep their existing mortgage and you're "hoping that the owner is paying". There is a section in most mortgages now that would allow the bank to call the loan if the property is transferred or sold. This means that the balance on the loan would be due and payable immediately.
Now, that being said, it can be very difficult to find an honest seller that would be willing and able to finance the sale of their property. However, we were able to do it when we bought the land that we are currently living on... and the seller wasn't even thinking about this as being an option before hand...
Especially now, many contractors are also in the business of financing the homes they build. It would take some phone calls, but it is possible you could find a house that the contractor is holding the title on for any number of reasons. I would imagine they would want a good down payment, but maybe not.
As an Agent, I can find them by searching "owner finance" on my MLS. I'm not sure if any of the websites like Realtor.com show you the TYPE of financing. If you have an Agent, she should be able to search her MLS.
Vicki
Same.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
