Home Buying in Berryessa>Question Details

George Macar…, Home Buyer in Willow Glen, San Jose,...

Hi We are looking for an opportunity to buy a home with owner financing ... are their any realtors that can help us?

Asked by George Macarthur, Willow Glen, San Jose, CA Tue Feb 21, 2012

We have a tax lien and it will be awhile before we can buy conventionally... we do have decent income and credit score are so so

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John Sacktig’s answer
Rent-to-own really does not really exist and.if it does exist, there are no bargains.

The houses are usually overpriced and sold to people that can otherwise "not" purchase a home and are somewhat taken advantage of. Given your situation with the tax lien, the chances of the rent to own scenario is probably not in your favor.

I am sure that there will be a bunch of people saying that I do not know what I am talking about and blah, blah, blah.. but, lets speak the truth. I have not seen one good rent-to-own situation, I have only heard horror stories.

If it works out for you and you find one.. let us know!

I would love to hear of at least one good rent to own that has worked!
3 votes Thank Flag Link Wed Feb 22, 2012
BEST ANSWER
Thank you, George:

You have received some excellent answers. Mitchell Pierce makes an excellent point. You must still disclose that tax lien to the seller. Most sellers will not provide owner financing and their agents will not recommend that they provide owner financing to someone with a tax lien.

John Sacktig makes an excellent point that such properties are often overpriced. I agree with John Sacktig, that most of the "rent to own" programs take advantage of the buyer and do not work out well for the buyer. I know there are others who say otherwise, but they have never shown me a "rent to own" that worked out well for the buyer. That i why I gave John a "thumbs up" for his answer.

John Souerbry makes an excellent point that most sellers who are willing to provide owner financing will have the same requirements as banks.

I recommend that you contact a good Tax Attorney, if you have not already done so, to get that tax lien removed as soon as possible. I have represented a number of clients who had tax liens. After we had a good Tax Sttorney get those tax liens removed, and after a short "waiting period" the Mortgage Broker that I work with was able to get my clients excellent financing.

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
2 votes Thank Flag Link Wed Feb 22, 2012
George MacArthur:

You will have to disclose the tax lien to the seller. Once that happens, most sellers will shy away because tax liens usually trump the loan the seller makes to you. Thus, the seller could lose the collateral to the tax liening agency.

As far as whether a realtor can help you, you need a realtor who has authorization to arrange a loan. Seller financing is a loan. This means the realtor must have an MLO# registered with the DRE. Less than half do. Mine is 354360. My advice is to settle the tax lien and then buy a house. You'll still need seller financing for about 6 months to a year after clearing the lien

Give me a call and we can plan your future.

Mitchell Pearce
408-639-0211
mitchell@handonsrealtor.com
3 votes Thank Flag Link Tue Feb 21, 2012
Best of luck, but I have to tell you that most owners who offer financing will have the same qualification requirements as banks. Same with lease-to-own.
2 votes Thank Flag Link Tue Feb 21, 2012
Any good real Estste pro can help. I included. The real question is...are there any owners offering owner financing. I just checked last week and there were none available on the local real estate board.

Jim Mauldwin
Intero Real Estate
407-863-3010
Web Reference: http://jimmauldwin.com
1 vote Thank Flag Link Tue Feb 21, 2012
Hello George,

If you are willing to pay a higher rate there is one option. You would need some down payment. At least 35%. A full financial review is still required.

My contact info is below. Best of luck!

Ivan Diaz
Home Mortgage Consultant
idiaz@lhfinancial.com
(415) 271-7740 direct/cell
0 votes Thank Flag Link Wed Feb 22, 2012
George, I think you can get better answers and help by asking real estate investors instead of realtors.

I do not mean anything wrong to any of my fellow real estate practitioners, nor trying to start any type of discussions by any means.

George, most realtors will not understand what you are talking about since they've never been exposed to these type of transactions and most realtors are taught the conventional way and cannot believe it is possible to get this type of financing without you benefiting from it.

See most realtors work for a commission and most are not investors themselves.

Look for a local real estate investor's Associations and network with these investors. The one I normally attend is the San Jose Real Estate Investors Association http://(www.SJREI.org) and we meet the first Thursday of every month. Go to their website and get more information about this association.

Also, I have had the privilege to meet Dyches Boddiford which have very good resources regarding creative financing information and techniques http://(www.assets101.com). He's a well known personality in the investment world.

Look into this resources and I and look me up at the next meeting.

To my fellow real estate professionals, if you disagree on anything I have said, please I don't want to know about it and nothing was meant for you personally.

Sincerely,

Jose Adame
(408) 315-6320
Foreclosures@JoseAdame.com
0 votes Thank Flag Link Wed Feb 22, 2012
I need to see all your paperwork and credit. I might be able to help you. Owner financing is possible and some owners are willing to do that.
Web Reference: http://www.homenet123.com
0 votes Thank Flag Link Wed Feb 22, 2012
Hi George,

I need to see the entirety of your financial situation, but based on your statement above I believe I can help you. Call me at 408-316-0793 or email me at rpablaza@comcast.net so we can set an appointment to meet.

Thanks
0 votes Thank Flag Link Wed Feb 22, 2012
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