Home Buying in Lawrence>Question Details

Idali, Home Buyer in Lawrence, MA

I would like to buy a multifamily home, but my credit is really bad. Where I can find owner financing homes?

Asked by Idali, Lawrence, MA Sun Jun 13, 2010

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Hi Idali- I can try to help you if you want. You need to research (online) who the seller is of the properties you are looking for and you need to see if any of them own the property outright. If they own it outright, or mostly, then you have a fighting chance of getting them to accept an owner-financing deal.
Most of that info can be found at the registry's online service/ site.
The seller's name- you'd have to do a little research on that. If there is a seller property disclosure form it would be on that.
Smaller/ less expensive building the better chance for the owner to own it outright...
Good luck,
Ken L.
0 votes Thank Flag Link Tue Aug 3, 2010
The financing on multi-families is much for difficult. If you're planning to live there, and your goal is ownership, not income, you should buy a condo or a SF. The lower rates will make up for the loss of income, and there is much less risk this way. If your goal is income, and you have tough credit, you will find the lending lanscape very challenging. I would try to find small, local banks that you can build a relationship with.
0 votes Thank Flag Link Thu Jul 29, 2010
If you have a steady job... a lot of these big real estate companies are one stop shopping. They can help you out.
0 votes Thank Flag Link Tue Jun 15, 2010
WEll you will have to stay away from foreclosures and short sales, however a lease option or owner financing is possible with any sale. Its a negotiating point.
0 votes Thank Flag Link Mon Jun 14, 2010
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