Home Buying in Denver>Question Details

Anna.l.grana…, Home Buyer in Denver, CO

Hey there I am looking into moving to the Denver area. I want to stay in the south Denver areas.

Asked by Anna.l.granados, Denver, CO Tue Jun 4, 2013

Need a realtor that can help me find houses for sale where the owner will finance and how that exactly works. Any information would be appreciated!

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Hi, I work in the Denver Southeast area and Owner carry terms are very difficult to find, but not impossible. You would definitely still need an attorney to write up the owner carry terms and note. I could set you up in my system to receive alerts. http://www.DenverRealEstateKing.com
1 vote Thank Flag Link Tue Jun 4, 2013
Anna,

With the historic low inventory in the Denver area, owner carry situations are few and far between. Some of the agents here on Trulia have had experience with this. I would contact them to walk you through this. i would say that the last thing to do would be to search on Craigslist. There are many scams out there revolving around owner carry deals like this. You not only need a Realtor to walk you through it but have a good real estate attorney to work up and review the paperwork and transaction. Also, most sellers willing to do owner carry are likely to be just as stringent with their lending requirements as a bank and their rates will most likely be higher. Good success with your move.

Robert McGuire
Broker/Consultant
Your Castle Realestate
http://about.me/robertmcguire33
0 votes Thank Flag Link Fri Jun 7, 2013
General information on home buying: http://www.boulderrealestatenews.com/?p=1634 . Recommend you retain a Realtor to work on your behalf. OWC is few and far between PLUS market is extremely limited inventory. You will want all your DUCKS in a ROW (i.e. Cash for down payment, Ability to show you QUALIFY for the loan now -- Y important? I can explain, Real Estate Attorney lined up with paper work and you need to be ready to COMPETE for the home.
0 votes Thank Flag Link Wed Jun 5, 2013
Cindi - check out http://www.denverrealestate.com for the most current listings. Are you looking for Denver Metro Southeast neighborhoods or Southern burbs?
0 votes Thank Flag Link Wed Jun 5, 2013
actually I am looking about a 15 minute radius around Belmar as that is where my daughter, SIL and grandson live. I am not looking for owner financing, I have conventional prequal. I just have seen some on there before
Flag Wed Jun 5, 2013
try looking on Craigslist-Denver, I have seen a few -owner will finance there, but there is a lot of garbage on there you that doesn't belong, you have to wade through. Good luck!
0 votes Thank Flag Link Wed Jun 5, 2013
Anna,
To answer your second question -
Let's say the owner/seller will carry a loan for you at $1500 per month payment. That seller will probably want at least $3000 (deposit plus first payment) up front; and maybe more in case you default on the loan.
0 votes Thank Flag Link Tue Jun 4, 2013
All depends on the price range and the Seller's needs. I would guess 10-20% of the purchase price.
0 votes Thank Flag Link Tue Jun 4, 2013
When you say several thousand, about how much is needed on average?
0 votes Thank Flag Link Tue Jun 4, 2013
Anna - what are you able to pay each month? Even with an owner finance option you will need some money up front. Depending on the price of the home, maybe you'll need several thousand dollars. Can you do that?
0 votes Thank Flag Link Tue Jun 4, 2013
There are not many owner carry loans - homes for sale with interested rates being so low. There are many loan programs you should check out before committing to an owner carry sale.

If there is a valid reason you can't qualify? Chances are sellers will pass on you too. Talk to a local lender on what steps you need to take to be mortgage ready.
0 votes Thank Flag Link Tue Jun 4, 2013
The biggest reason is with relocation...my fiancee doesnt have time on the job and i have plenty of time on the job and all that but my ex husband passed away and he didnt take care of things the way he should with the original house that we shared together and well now i had to file bankruptcy due to the mortgage and 2nd mortgage for the pool that was carried on the home...so i used to have great credit but now it is going to be not so pretty..
Flag Tue Jun 4, 2013
Did you know you can find agents by using Trulia's search engine.
Here is the address for the Kinslow Team.

http://www.trulia.com/voices/profile/Real_Estate_Pro-Denver_…
0 votes Thank Flag Link Tue Jun 4, 2013
That is a very niche market. It will take quite a bit of leg work for the Realtor to find that particular of a home. I can always try to help you out.
0 votes Thank Flag Link Tue Jun 4, 2013
Welcome to Denver! I work mostly in Denver's northern suburbs so I'm not the agent for you, but I can tell you those deals are hard to find. A real estate agent can do the legwork, but if they do find one you should hire an attorney to write up the particulars.
0 votes Thank Flag Link Tue Jun 4, 2013
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