Home Buying in Anderson>Question Details

jbrkewood, Home Buyer in Anderson, SC

I am looking for a minimum 3/2 home in the Hanna District of Anderson. A home w/ 4 bedrooms would be great. Wanted lease/ option, or owner financing

Asked by jbrkewood, Anderson, SC Wed Apr 10, 2013

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4
Is there a reason you are looking for lease/option? Have you already found some property. Let me know how I can help
0 votes Thank Flag Link Wed Jun 19, 2013
Please call me to discuss the particulars of your situation. How long of a lease term do you need before you could buy? What is the cause of your not being able to get financing now? What length of time will it take to get your credit scores where they need to be in order to obtain a mortgage. It has been my experience that even if you could find an owner that is willing to finance a purchase they still take into account what your credit scores are and the reasons. Owner financing still is concerned about credit risk. The better question is how to get your scores where they need to be to qualify for a mortgage and the length of time that will take to accomplish. I know many lenders who will provide credit counseling at no cost and give you real information to base your home buying or leasing options on.
0 votes Thank Flag Link Thu Apr 11, 2013
Definitely possible. There are a few owners that would be open to the possibility of owner financing. Couple of things to consider: 1) for owners to take the financial risk they typically require a sizable down payment. The higher the percentage down the better your chances of owner finance. We typically counsel our clients to consider 10% or more. 2) when you are looking for owner finance, you rarely have any room for negotiations and the buyer will usually pay a higher rate. 3) term is a major factor. Most owners will only consider owner finance for a short term (2-3 years) with a balloon due at the end. 4) if the seller has a mortgage, there is a good chance that there is language in the mortgage prohibiting transfer of deed prior to payoff.
All things taken into consideration, owner financing should be a last resort for both buyer and seller. Perminant financing is the best option. Most people dont realize that most credit issues can be repaired within 6 months to 1 year. I would contact an experienced mortgage professional to look at your situation and devise a course of action. Bottom line is that permanent financing may not be out of reach. I would exhaust all possibilities before considering owner financing. Good luck!
0 votes Thank Flag Link Wed Apr 10, 2013
We have a 4 bedroom/2 bath in the Hanna district. 105 McPhail Farms Cir. It's listed @ $299,500. If that's close to your price range, give me a call @ 864-363-1852 & we can talk about financing.
0 votes Thank Flag Link Wed Apr 10, 2013
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