Probably 60-70% of my buyer inquiries are for 'owner finance' or some variable other than the regular lender route. Know this - You gonna have to have a bare minmimum of 10% down, maybe 20%, plus your closing costs. You gotta pay enough down to cover all of the sellers expenses.
You cannot be too picky about location, school district, square footage, bed/baths, etc. You will have very few choices in these matters.
When I get these inquiries I reply with a form that outlines all of this in great detail. I tell the buyer if they do not have a minimum 10% down payment plus their closing costs, I can;t help them. I raraely hear from them again. Probably do not have the cash or they expected to find their dream home in exactly the right location, school district, and meet all the requirements squirreled way in their minds.
The most important things tho, is: Better have a good agent or an attorney. Many of these rent-to-own deals are not what the seller told you. Some are downright scams. My step son got caught on one because he did not want to have to pay enough down to cover the commission. He did rent-to-own direct from an owner/builder. Now, he's looking for another place.
Answer to your question - You can do your own searced for entertainment only. Hire an agent when you get serious or you are ripe pickings for less than honest sellers.
Your best bet is to get your credit scores up. Go and talk to a local lender have them pull your credit report and they can tell you what to do to get your scores up. You can contact me if you need some names of a local lender.
Fayetteville, Ar.... more