Home Buying in 94925>Question Details

Jacksbusy, Home Buyer in 94925

I heard that as of Jan 1, 2013 home owners selling their home will no longer be allowed to carry the loan.

Asked by Jacksbusy, 94925 Tue Mar 6, 2012

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3
Kenton Wolfers’ answer
I would say there is no reason a seller can't carry the loan if they sell as long as they own the home free and clear. If you have a loan on your house and sell it most banks have an acceleration clause....meaning they will demand to get paid off if you sell. With interest rates at historically low levels most buyers can obtain excellent financing for home purchases. If you would like to sell your home and carry the note call me I would be happy to help. 415-609-5138 Kenton Wolfers Alain Pinel Realtors lic.# 01272467
0 votes Thank Flag Link Tue Mar 6, 2012
If you own the property outright no one can stop you from carrying the financing. If the banks have liens against then they have first right (with the possible exception of the IRS) to reimbursement. If there is any equity after that that you would want to carry, that's up to you and the way the buyer qualifies. Let me know if that makes sense or if you have any other questions.
0 votes Thank Flag Link Tue Mar 6, 2012
Hi,
In general a homeowner will be exempt from the new laws and will be able to offer seller financing on their own house. For more details check out this link http://www.realtor.org/government_affairs/seller_financing
Jim King
Realtor
Pacific Union International
(415) 360-9191
0 votes Thank Flag Link Tue Mar 6, 2012
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