Financing in Deland>Question Details

April, Other/Just Looking in Daytona Beach, FL

Is there any owner fiancing?

Asked by April, Daytona Beach, FL Tue Oct 4, 2011

I would like to know if any owner would fianace the home in Deland or Deltona

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Yes, there is owner financing. Email/call me and I'll gladly hook you up!
Wayne Gordin
386 405 6131
0 votes Thank Flag Link Wed Oct 5, 2011
On my own home I would hold financing with a substantial amount down. I am a Broker/realtor here in Deland and live on the St. John's River. Am selling my house with owner financing.
0 votes Thank Flag Link Tue Oct 4, 2011
is this still an option...or do you know of any?
Flag Mon Sep 23, 2013
any chance thats still happening
Flag Mon Sep 23, 2013
You can find owner financed deals everywhere. http://www.Forsalebyowner.com is just one site, realtors often have seller financed listings, here's another site you can go to ownerfinancedeals.com
Keep in mind that a lot of seller financed properties have mortgages and they will want to do whats called a wraparound mortgage. What that means to you is this. Your new house payment will typically be made to the seller, and they will send a portion of your payment to the existing lienholder and keep whatever's left. Several caveats for this though.

1. There are due on sale clause on most mortgages. Typically if an owner sells a property without paying the existing lien off and finances it themselves without lender consent, which they all do. They will have the option of declaring the entire amount owed, due and payable immediately. I will also tell you in 26 years I have never had anybody come to me and say the lender is invoking an acceleration of the sums due because the original borrower sold the house and financed it. Keep in mind lenders know this happens all the time, and as long as the property is taking care of, and the payments are made within 30 days of the due date they could care less. We are just one of those.

2. Theres also a trust issue. You make the payments to the seller and the seller doesn't make the payment to the lienholder or they do. You have to structure it in a way where you can confirm payments were made in a timely fashion. Me personally I have done so many of these types of transctions I can't even remember. But lienholders dont care who's name is on the check as long as it's made.

There are several other factors to watch out for so be careful.



Steve Vinson
Homestar Financial Corp
866-244-1041
svinson@homestarfc.com
0 votes Thank Flag Link Tue Oct 4, 2011
There are certainly opportunities to buy homes with owner financing in DeLand and Deltona. However, the opportunities are clearly dependent on the seller's situation. Looking for seller financing will greatly reduce the number of available properties. There are a number of other solutions as well such as government programs (SHIP for example) and private financing through a third party individual who is willing to loan money on a property purchase. If you would like more information I'd be happy to get you in touch with the right people based on your situation. Feel free to contact me.
0 votes Thank Flag Link Tue Oct 4, 2011
April in order to owner a finance, the owner cant have a mortgage so it does limit teh amount of home syou see with owner financing, most homes that could be owner financed are not advertised that way, they are owners who need to sell and havent been able. Having a buyer agent who can check with listing agents dorect to see if the owner would and can onwer finance is sometimes the best way unless you have time to do it.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Oct 4, 2011
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