Home Buying in Cheektowaga>Question Details

Shanelhall, Home Buyer in Hamburg, NY

Would the seller be able to do financing with a percent down or rent to own?? this place is adorable!

Asked by Shanelhall, Hamburg, NY Sat Nov 12, 2011

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4
what place/ the ? is too broad,
0 votes Thank Flag Link Sun Nov 13, 2011
It all depends on the seller's situation and the house itself. Is the seller looking for some income to help cover some costs and hasn't been able to sell? Ask a local realtor that has experience with owner financing to look into this for you. You will need to provide a significant down payment usually, and still qualify with halfway decent credit.
0 votes Thank Flag Link Sat Nov 12, 2011
Rent to own or lease options are a very common buzz topic these days. They are usually a work around for people that are having trouble qualifying for a loan with a lender. They can be a good method but they can also spell disaster for the “buyer” because they are not regulated like ordinary mortgage loans. This year alone I have seen a couple of people loose over $50,000 each and several others loose $10,000+. It is important to understand it raises the risk for a buyer to use these methods. Not saying they are all bad, just important that you understand the risks, there are a couple of entries on this subject on my blog, see the link below. Hope the info protects you.
0 votes Thank Flag Link Sat Nov 12, 2011
Since no link is visible, you can either directly contact the listing agent, or any local agent/realty office can also help you, they all have access to the same information.
0 votes Thank Flag Link Sat Nov 12, 2011
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