Home Buying in 92648>Question Details

Bill, Home Buyer in spugadiccio

I am wondering if there is a seperate listing service for homes in which the owner will finance in a

Asked by Bill, spugadiccio Wed Jul 29, 2009

sale....I will be purchasing a home with a large down payment ( 40 %) and will have a large cash reserve besides . Since my tax returns don't show a high income , but it is currently increasing I know I wouldn't be able to qualify in todays market . I have a fico of around 800.

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It sounds like you have a Realtor that you trust already to list your income property after your trip to Asia. If you can, email me the property address before it hits the market, I have buyers looking for income property. You could have your Realtor get a hold of me as well.

emilyknell1@yahoo.com
0 votes Thank Flag Link Wed Jul 29, 2009
Dear Bill:
My suggestion is that you apply with a direct lender first before you pursue Seller financing. Then if it is determined by today's lending standards that you don't qualify for the amount you anticpate you can seek out Seller financing as the alternative.

Also "good homes at good values" are individual specific and deserve further investigation. List your home with a Downtown HB expert.
0 votes Thank Flag Link Wed Jul 29, 2009
Hi Bill - thanks for elaborating - I think.

My interpretation of what you wrote is that you are "selling"/exchanging an income property ( You didn't say where it is, or how long you've owned it.) and taking the proceeds from that transaction to purchase a personal residence.

Will the new place be a duplex, triplex, 4-plex? Or a single family residence? If it's a SFR, I'll assume that you don't intend to live in it for a year or two, using it first as an income property to exchange into? Just trying to clarify.
Web Reference: http://SouthOC.info
0 votes Thank Flag Link Wed Jul 29, 2009
Actually, I have greatly simplified my situation (in my original post) I'm actually going to list my income property after a trip I must make to asia . The agent i'm probably going to list the property with gave me a range of what I should be able to sell it for , the pessimistic figure would net me before taxes around 625k - the house I would buy would actually be a sort of " down leg " in a 1031 exchange in which I would be taking some 'boot' I figure using around 350k for a downpayment while keeping what is left to use (part of it) for business inventory which would help increase my income , but it wouldn't be increased before the qualifying period....if that makes sense. In any event , we would be looking for something in the downtown HB area I would say in the low 800's , but to be honest I try to be a good buyer I have seen nice houses there in good spots in the high 7's and low 8's but the majority of the interesting homes there are closer to the 1m range , but good values do come up from time to time , so honestly I'm not the kind of buyer who is going to buy anything in my price range....it would have to be a good home at a good value.
0 votes Thank Flag Link Wed Jul 29, 2009
Bill,

I don't know what your price range is but there are currently 470 properties for sale in Huntington Beach. 168 of these are attached (condos and townhomes) and 300 are detached (interesting that that only accounts for 468 of the 470!).

Of these, 16 show some form of owner or other creative financing (three are condos and the rest are Single Family Residences (SFRs). All the SFRs show the owner may carry a loan while one also shows the owner WILL carry a new loan. Prices range from $579,000 to $4.95 million.

So, you can see, there are some possibilities out there. Are you only looking in Huntington Beach or are you considering other areas? What are your wants and absolute do-not-wants? Again, what is your price range?

I work with a number of mortgage brokers as well as a team of other specialists so we can help you with whatever you want to set up. Give me a call and we'll get started with your home search.

One final note: There is always the possibility of requesting owner financing in your offer on your ideal home. It is then up to the seller to decide if they are willing to meet your terms.

Hope that helped,

Tim Kunze
Focusing on ... YOU!!!
714-552-2335
Tim@TimKunze.com
Web Reference: http://www.TimKunze.com
0 votes Thank Flag Link Wed Jul 29, 2009
No, but your Realtor can set up a search where one of the parameters is owner financing. I am a Mortgage Broker and it sounds like you are a casualty of the debt to income ratio qualification criteria. Regardless of how much down payment or cash reserves you have, lenders want to see documentation that you have the income to make the payments. I'd be happy to further discuss your situation to see how expensive a home your income would qualify you for. One last point is that you should check out my blog post at http://jdavisfinance.com/do-you-have-a-plan-for-buying-your-… as over the next week or so I'll be sharing points out of my Home Buyers Guide. Or you can contact me for a copy of it right away. It will definitely save you some money as you embark on your home buying journey. Good luck to you!
0 votes Thank Flag Link Wed Jul 29, 2009
You could search Craigslist.com or call for sale by owners and see if they want to provide seller financing. You might be able to find a Realtor to search the MLS with the key word "seller financing" to find sellers that might accept seller financing.
0 votes Thank Flag Link Wed Jul 29, 2009
Hi Bill,

There isn't a separate listing service....per se. But you can approach sellers with the idea....I would start by looking at listings where they are also willing to consider a lease. They might be more open to creativity to get a sale.

Do you KNOW that you can't qualify for a loan? I am not a mortgage broker, but I could recommend someone that I've worked with for 20+ years. If there is anything out there, she would know. With that amount of down payment and FICO...you might find an opportunity for a hard money loan.

Creativity is going to be your friend, but I think you can find something that suits you. It won't be every home, but the right seller might just find your offer compelling.

Karen
0 votes Thank Flag Link Wed Jul 29, 2009
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