I am aware of some nice properties that will offer owner financing with at least 20% down and reasonable terms. $400K range is enough purchase power to find the suitable homes for your needs. If schools or anything else is important let me know in an email any other criteria, You can expect an email form me with a report i will prepare and have a link for the homes that match to preview. Then we can talk about your arrival date and setting up appointments, financials, proof of funds letter, etc. Put the Keyes and the Home Mover Team in your corner. Best Regards,
Russ Greenberg, Realtor, ePro, RELO, "Experience Counts"
561 445 8782
You are looking for an owner financed home in Boca Raton, Delray Beach, or Parkland that is not part of a country club. While your Boca Raton realtor can find dozens of good Boca Raton homes that are not in country clubs, there are not too many homes in Boca Raton, Delray Beach or Parkland that will fit into the category of being owner finaced.
On the brighter side, your Delray Beach real estate agent can probably find plenty of homes with HOA fees of under $350 per month. Similarly, finding 2000 square feet, a 2 car garage, a pool, and 3 bedrooms in Delray Beach homes are easy feats to accomplish.
The aspect in your favor is your offer of a 20% down payment and an interest rate that compares favorably to today's mortgage rates. Someone selling a Boca Raton home, if he or she has no mortgage and does not immediately need the funds, may consider working with you.
What you want your Parkland realtor to do, if he or she can locate the proper home in Parkland for you and if the sale goes through, is to negotiate an amortization period of at least 20 years, and preferably 30 years, along with the balloon payment you have indicated that you will make within a relatively short period.
The reason to do this is because 5 1/2% interest and amortization paid over 5 years on your Parkland home, for example, becomes a hefty carrying charge for you if you are unable to sell one or all of your out of state homes during that time and pay off the loan in full.
However, if the interest and amortization on your home in Parkland is based on a 30 year cycle, (similar to what you may now be paying) you will be carrying a far lighter financial burden every month.
Keep in mind that if you are not able to sell your homes within the agreed upon period of time, even if you have paid your interest and amortization payments on your Delray Beach home faithfully, the owner can take back the home and you will lose all that you have put into it.
So, before you ask your Delray Beach realtor to start looking for Delray Beach homes for you that are owner financed and for which you will lay out a relatively large and non-refundable downpayment, make sure you assess your own market carefully and ask your local realtor to price your properties so that they will move rapidly.
Marc Jablon, The Jablon Team
RE/MAX Complete Solutions