Home Buying in 85268>Question Details

James, Home Buyer in Fountain Hills, AZ

I'm looking for owner finance in Fountain Hills, anyone has any info to share?

Asked by James, Fountain Hills, AZ Sun Jan 23, 2011

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Good luck on your search, make sure that you protect yourself in this transaction. Ensure that your contract is reviewed by an attorney. A good agent should be able to show you a few homes in that are where the owner is willing to carry.
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1 vote Thank Flag Link Thu Feb 10, 2011
I happen to be dealing with an owner that has a luxury property ($900,000) that would be willing to discuss some creative ideas....owner financing is definitely an option. The MLS # is 4834564 and the address is 14724 E CHOLULA DR Fountain Hills, AZ 85268. Call me to chat sometime @ 480-215-2333.
0 votes Thank Flag Link Mon May 13, 2013
Would you be interested in a home in Ft. McDowell just northeast of Fountain Hills. Wonderful community and 5 acres with area for horses and covered motor home parking and storage? 2 master bedrooms. $90,000 down, owner carrying balance of $360,000 with baloon payment in three years.
0 votes Thank Flag Link Wed Mar 20, 2013
James...hopefully, you've found a willing seller by now, but if not, there are some great Seller Carryback opportunities currently in the market. And, Seller financing is a great way to go! As others have suggested, you'll need to have a substantial down payment (minimum of 20% and likely more)...the interest rate might be just a little higher than normal market rate, but you also don't have to pay financing points and other upfront charges a lender would charge. Make sure that your agent knows the ins and outs of the proper paperwork and I HIGHLY RECOMMEND that you have the carryback servicing handled by a title company...they perform a great service for buyers and sellers by keeping track of payments made, interest paid and 1099 reporting, but they charge very little for the service. Usually, I suggest my clients split the upfront fees and monthly fees equally between buyer and seller. Expect that the Seller will want a credit report from you...they want to know they're doing business with a reputable party.

One caveat...make sure you fully understand that there will likely be a balloon payment...5 years, 7 years...something like that. Make sure you are absolutely confident that you can pay off the note or refinance at that time, or else you risk foreclosure.

Good luck! We recently were able to find a wonderful home in Scottsdale for clients with a 20-year amortization (no balloon) and a decent rate with about 25% down. Sellers are more willing to offer these terms in todays market...the security of this income producing event is often more attractive than the whims of the financial markets.
0 votes Thank Flag Link Wed Oct 12, 2011
That is something your agent can find for you when searching for homes on the multiple listing service. Contact an Realtor to help you if you don't already have one. Financing through a seller is not necessarily going to be easier than getting a loan from a bank, they may require more of a down payment, hire interest rate, shorter loan term. It can be a good option depending on your situation.

Patti Irwin- Fountain Hills Realtor
HomeSmart
480 888 6708
0 votes Thank Flag Link Wed Oct 12, 2011
The first question is the price point, the second is what do you have to put down? You should have an agent represent you and you should have an attorney review any contract before you sign it when it is owner financed. Would you be willing to do a lease purchase or do you want to jump right into the purchase agreement?
0 votes Thank Flag Link Tue Jun 7, 2011
There are several in the area in various price ranges.
0 votes Thank Flag Link Wed Feb 9, 2011
You need to disclose the amount per month you would be willing to spend would assist a Realtor with your search.

Never do any kind of these transactions UNLESS you have an agent represent you

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Jan 23, 2011
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