Home Buying in Ruskin>Question Details

Antonia, Home Buyer in Ruskin, FL

I found this property as owner financing.......what are the terms?

Asked by Antonia, Ruskin, FL Sun May 1, 2011

207 NW 6th Ave Ruskin Fl

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4
The terms are whatever you and the seller negotiate together.
1 vote Thank Flag Link Sun May 1, 2011
Incidentally, even if a property were in pre-foreclosure, then the decision to do a deal with creative financing still could make sense provided one knows what to do. I agree that it's a great idea to have a real-estate attorney to review all of the docs before one signs anything. Plus, I'd strongly recommend that one close these kinds of deals using a title company.
0 votes Thank Flag Link Mon May 2, 2011
Hi Antonia,

Tell the Seller you plan to have an attorney review your terms before you agree to anything. That way if the Seller is a scammer he may not call you back!

You have to be very careful because there are some sellers that are in pre foreclosure collecting rent to own, owner financing money and then the house ultimately gets foreclosed or a short sale is done. You don't want to pay more than the fair market rent if the owner owes more than the house is worth and ends up getting foreclosed on.

It may be legitimate, just try to have an attorney review before you sign.

All the best,
Alma

PS Larry Fuentes with Fuentes and Kreisher is one of the most experienced Real Estate attorneys in Tampa Bay and his fees are also very reasonable http://www.fklaw.net/
0 votes Thank Flag Link Sun May 1, 2011
Is there not a contact name or agent or something where you found it? They would know the rate, term, down payment and any other conditions.
0 votes Thank Flag Link Sun May 1, 2011
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