How quickly can I buy my home? Depending on the options you choose and your particular situation, we can close in less than a week.
Why use Home Options Made Easy? We are not only local, but we have created a power team that consist of realtors, investors and attorneys that allow us to give buyers more options than anyone else in the marketplace. When was the last time you had someone tell you they had nearly a dozen different ways to buy a home? How will you ever know which sale method is best for you if you havenâ€™t had a team of experienced professionals evaluate your situation in order to present you with a number of different options.
Can a seller owner finance their home to me if they still have a mortgage? Owner financing is a complicated transaction but can be done whether you have a underlying mortgage or not. Whatâ€™s most important is that you are working with a team of experts who have attorneyâ€™s who specialize in these types of transactions so that everything can be done legally and in compliance with Texas state laws.
How long do I have until I need to refinance when using any of the owner financing strategies? Typically buyers need somewhere between 2 â€“ 5 years to refinance a home into their own name. If the buyer fails to do so, the seller can have certain clauses in the contract that allow them to take back the home, raise the interest rate or monthly payment until the buyer is able to get the home refinanced. When the buyer does eventually refinance, the underlying lien will be paid off and the seller may receive cash from any profit margin that was negotiated in the original contract.
What is the â€œdue on saleâ€ clause and will the lender call the note due if a seller owner finances their home with underlying lien? The â€œdue on saleâ€ clause is in nearly every mortgage since the 80?s and it gives the lender the â€œoptionâ€ but not an obligation to call the note due on sale. Practically speaking, this would not be likely to happen if the note is being paid in a timely manner because it wouldnâ€™t make sense for the lender to do so, however, it is still a risk that must be disclosed to all parties in a transaction where this clause applies.
How will owner financing affect my credit? Hopefully owner financing will only improve your credit, especially if you are using a third party servicing company who will report your timely payments to the credit bureaus.
Is owner financing still an option if the seller is behind on payments? This depends on how many payments the seller is behind and if there is any equity in the home. Itâ€™s always possible but we will have to evaluate the home and situation before we can give you a fair answer.
Are lease options legal in Texas? Yes they are, however there are strict regulations as to how these contracts must be structured and the penalties for not abiding by these regulations are severe. Contact us for details on the best alternative to lease options and how to structure these types of contracts to comply with Texas law.
Marshall Saleman, REALTOR
The Saleman Group LLC
Home Options Made Easy
HomesByOwner.Com of Austin
(512) 522-1817 Cell
(888) 587-9344 Fax