Home Buying in 77373>Question Details

Paulette Mck…, Renter in Spring, TX

HOW DO I BUY MY RENTAL HOUSE I HAVE BEEN LIVING IN FOR THE PASS 3 YEARS ," OWNER FINANCING"?

Asked by Paulette Mcknight, Spring, TX Tue May 14, 2013

I BEEN LIVING IN MY RENTAL HOUSE FOR 3 YEARS,NOW MY LAND -LAW READY TO SELL THE PLACE,BUT WANT ME TO BUY,THEY EVEN OFFER TO DO OWNER FINANCING,I AM INTERESTED IN BUYING JUST DON'T WANT TO BE SCAM AND WANT TO BE EDUCATED ABOUT OWNER FINANCING

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Owner financing is not uncommon, but it is predominately used (in my opinion) to sell a house at a higher price or in a manner that otherwise works out significantly more advantageous to the seller than to the buyer. People who buy with owner financing usually can not buy an other way and the landlords know that.

I would consult with a Realtor and pay a nominal fee (we do it for $100) for some real estate advice, eg., that house, location, price, condition of the house relative to price, etc. That is not legal advice, as Realtors and agents are not lawyers, at least not usually.

The Realtor could advise you on collecting all of the documentation from the seller and refer you to a real estate attorney. You would have to pay the attorney a nominal free, maybe $200? This may be the best $300 you ever paid as it will protect your interests. You are the only one interested in your interests, the seller is not.

Please contact me, I would be glad to help you.

Frank Previte
HomeBuyers Realty Co.
281.415.4004 call or text
frankp@inside610propeties
0 votes Thank Flag Link Wed Jul 3, 2013
I have 4 properties, with owner financing, under contract this month. I've sold close to 40 properties in the last 6 yrs with owner financing and a lot more with loans and cash.
My Real Estate attorney is James Kuehn 281.537.2685 call him and allow him to answer all the legal questions. Compiling the purchase contract and all the necessary addenda I can easily do it for you for a flat fee. Call me and let me represent you. I will try to convince the seller to pay for it..first. Better safe than sorry.. 832.283.9117.
0 votes Thank Flag Link Tue Jun 25, 2013
It all depends if the current owner is willing to sell it and if he/she does not have any other liens on property. It can also be done with a wrap-around mortgage. The best way to do it is top have someone represent you, usually in an Owner-Financing deal the seller does this because they cannot or do not want to pay any commissions but it can be done.

Call me if you have any questions and to walk you through it...

Nazario Trujillo
CDPE, REO/BPO Certified
TAHS, SFR, R. E. Consultant/Realtor
SIS Group, LLC
Cell: 832-892-8730
Fax: 281-907-0199
E-mail: naztrujillo@sbcglobal.net
0 votes Thank Flag Link Tue May 14, 2013
well - why don't you start off by speaking to a mortgage rep. to see where you stand in regard to being approved for a loan in the normal way..............

If the owner is INSISTING on giving you owner financing (even if you can be approved for a loan), you should absolutely hire a real estate attorney to MAKE SURE the terms are fair, and do not put you in any jeopardy.

You might also want to check with a local agent to make sure any agreed-to sale price is in keeping with other area closed sales.

Best wishes...........
0 votes Thank Flag Link Tue May 14, 2013
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