Hello Ree,
I have a home for sale in Baltiomore county with owner financing email me at Anycredit@comcast.net if you are still looking for a home.View the home on Realtor.com the address is 2406 Hillcrest Ave baltiomre MD 21234.

Best regards

http://AnyCreditAccepted.com

Hi Ree,
Get yourself a good realtor who knows the area & knows a lot of people( probably a realtor with alot of listings). The fact that you want someone to hold your mortage is telling me that you do not qualify for a mortage with a lender. This a difficult thing to do, but there are people who will take the chance. I'd start with a relatively inexpensive home at first, build up your credit and then find your dream home later. Arlene

I have an owner who does this. Give me a call at 301 672 1925, or respond by e mail to PatrickDugan@mris.com

Ree,

There are very few owners that are willing to hold a mortgage for a buyer. When someone is selling, they want their money at the time of settlement, which means you would need to be able to qualify for a mortgage loan. Most of the time they are purchasing another home and need that money for their purchase. As Bob said below, we can search for a seller that would hold the mortgage, but I have found that to be few and far between. Give me a call. I would like to discuss this option as well as other options that may be available to you.

Tina Beasley
Associate Broker
Real Estate Professionals, Inc.
443-243-1832 - Cell
410-918-9740 Office

Ree,
You probably need to get together with a real estate professional in your area and have him or her search the Multiple Listing Service for homes that have owner financing. There is usually a search parameter for that in most MLSs. The most common reason for someone wanting seller financing is that they have "challenged" credit. If this is the case you should get a copy of your credit report in advance and be prepared to give a copy to any seller on whose property you make an offer (after eliminating any reference to your Social Security number or other personal data). Any astute seller and certainly their agent will want to know about the details of your credit history before becoming your lender.

Hey there Ree,

Don't let all the Agents scare you off from doing a Contract for Deed, Lease Purchase, etc.

Yes...you do have to make sure to educate yourself as to this type of deal. The last thing you want to do is have one that's structured poorly. That's why "THE BIG GUY UPSTAIRS" created Attorney's who have done these type deals before. As long as you get a PROFESSIONAL Attorney familiar with these type transactions, you should be good-to-go. Protect your position in the deal = Less sleepless nights.

Many Real Estate Agents aren't too familar with these type transactions or they hear of all the "doom and gloom" stories from people. But what about all those people who bought and were happy someone gave them the opportunity to buy?

Benito states: "What happened if the Deed holder does not pay the mortgage?"....um....what guarantees does the Deed holder have that the buyer will pay HIM/HER? = that argument is now mute. And....for the record....NOT EVERY SELLER IN THE UNITED STATES IS LOSING THEIR HOUSE IN FORECLOSURE! (slight bit of scarcasm)

"Are you going to be making the payments to the mortgage or to the Deed holder?".....one way to alleviate this issue is to create total transparancy and have a 3rd party escrow company control all the incoming and outgoing monies with confirmations of each transfer. This leaves a great papertrail and makes everyone aware of what's going on.

Fran states: "What advantages are you thinking you will gain from this type of financing?".....um....that they get to MOVE INTO A HOUSE without having to conform to what a traditional lender requires. AKA....a place to live. Maybe they are moving their business to another area and their lender told them that it's not a good idea to restart/relocate a business and buy a house at the same time. They STILL need a house to live in, right? Why rent and give 100% of their money to someone else when they can move into the house TODAY that they want to buy in the future while working on their credit and possibly building up some Rent Credits? There are TONS of advantages to this type of financing but it's getting kinda late, I'm hungry, and I haven't made dinner yet.

Contrary to popular belief....there ARE people in this country that own their house outright or have a very small mortgage left/plenty of equity that would be able to offer Owner Financing. It just really gets to me when Agents say that if you can't buy....it's probably better you rent until you're "ready". You have to remember that Real Estate Agents are SALESPEOPLE who only get paid when someone buys a house that's been listed.

Ree....all I have to say is Good For You! We ought to have more people who weigh other options when looking to buy or to sell a house.

Best of Luck and let me know how it goes.

Darin

Ree,
What advantages are you thinking you will gain from this type of financing?
Fran Gunnarsson

Do you mean contract for deed? Owner Financing?
Check the foreclosure laws of your state. What happened if the Deed holder does not pay the mortgage?
Are you going to be making the payments to the mortgage or to the Deed holder?
If you cannot buy by your own, you could be better renting until you are financially ready.