Home Buying in 28139>Question Details

Charles, Home Buyer in 28139

Want to buy a home direct from owner and the owner finances it.

Asked by Charles, 28139 Tue Aug 16, 2011

Currently rent the home (3 years now). Wish to purchase the seller's owned home with the seller financing us. Would prefer a normal transaction rather than a Land Contract.

Possible and if so, what steps and requirements are needed?

Thanks,
Charles

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Answers

7
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0 votes Thank Flag Link Thu Aug 18, 2011
That's easy enough. Any decent real estate lawyer can set it all up.
0 votes Thank Flag Link Tue Aug 16, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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The Seller wants to Finance you because he will make money on the financing.
If you choose not to go thru him, he may change the deal.
One way to find out; talk to another Lender and see if he renigs.

Maybe you're better off one way; maybe the other.
As long as you have a good Contract; why not.
0 votes Thank Flag Link Tue Aug 16, 2011
Usually when this question is asked, the buyer can't get a conventional mortgage. May not be the case here though.
0 votes Thank Flag Link Tue Aug 16, 2011
What advantage for the seller to do this? If the seller mortgages the property rather than a land contract, the seller would need a hefty down payment to minimize the risk. If the buyer has the down payment, then, why not mortgage through a lender?
0 votes Thank Flag Link Tue Aug 16, 2011
Charles you nee dto make sure the current woner doesnt have amortgage, they cant sell to you via a normal sale if they dont pay it off. You should seek the advice of an attorney or buyer agent experienced with this type of purchase
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Aug 16, 2011
Find a good real estate attorney and explain your desires. The attorney can draft the appropriate documents and assist with the closing. The trickiest aspect here will be the financing agreement.

Good Luck
0 votes Thank Flag Link Tue Aug 16, 2011
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