Home Buying in Knoxville>Question Details

eastcoastdist, Home Buyer in Knoxville, TN

im moving from boston with family, looking for owner financing are there any available?

Asked by eastcoastdist, Knoxville, TN Sat Dec 21, 2013

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7
Owner financing is available, but you may be limited in your selection of homes. Sometimes owners cannot afford to finance themselves, or need to sell in order to move forward in another purchase of their own. As one agent stated below, there are many things you need to know and understand prior to signing a lease/purchase, or owner financed contract. I would also strongly suggest you meet with a professional who can best guide you through. As an exclusive buyer's agent, I am committed to representing strictly the buyer, so if you need consult, I would be happy to try and help.
0 votes Thank Flag Link Wed Jan 8, 2014
I have an owner finance home with land. Four acres with 980 square foot home with updates. Asking 140,000
0 votes Thank Flag Link Sun Jan 5, 2014
can you send me photos very interested
Flag Sun Jan 5, 2014
thank you for the reply can you send me pictures of land and house? rich
Flag Sun Jan 5, 2014
I have closed several "Owner financed" "Lease/Purchase" homes in the last couple of months. All of the advise below is good. Please take note specifically the financing stipulations. Sellers who are providing this option will (usually) want top dollar for their home and a large down payment (option to purchase money). This is so they are taking some of the risk off themselves knowing that you have some "skin in the game".

More importantly, you need to make sure the contracts you sign (Lease Agreement with Option to Purchase etc) are air tight. I would advise you to talk to a lender who can outline you a plan and timeline for an eventual purchase. If you sign an agreement with XX time to exercise your option to purchase and are unable to get financing, you could loose all of your option money.

With all that said, there are several home here in Knoxville that are "owner financed". You can call or email me anytime and I can help you through any questions you may have. I can also provide you with referrals from others I have helped that are just like you (out of state buyers, relocating to Knoxville, who need owner financing). There is ALOT you need to know and even more options you may not know about...For example, If you have a 401K you may be able to take a loan or early withdrawal against it without penalty. Of course, certain criteria has to be met.

All in all, just because you need owner financing does not mean you are out of options. There are always options :)
0 votes Thank Flag Link Mon Dec 30, 2013
We have a number of homes with owner financing available here in Knoxville.
Send me your email address to FGoswitz@gmail.com so we can connect.
Thank you for your question.

Frank Goswitz
REMAX Preferred Properties
10820 Kingston Pike Ste 14
Knoxville, TN 37934
865-218-1159
0 votes Thank Flag Link Sun Dec 22, 2013
Hi,

There are a few owner's finance available but are hard to find. In order for the owner to take the chance to finance the property to you, he will ask you how much down-payment you have. The more money, the better chances you have. If you don't have at least 5%, you will not be able to get an owner to finance the house to you.
Good luck!!

Zoe Ballew
Slyman Real Estate
0 votes Thank Flag Link Sun Dec 22, 2013
Yes, owner financing is available. There are not many. Another short coming of owner financing is that more often than not, owners willing to carry the mortgage want a substantial down payment. Most are willing to finance for a year, with a few willing to go as long as five years. In general, they also want higher interest than the going rate.

My suggestion would be for you to find an agent with whom you feel comfortable and let him/her join your team to tackle the problem together. A good agent can help you find a house with your unique qualifications more efficiently than if you work on your own. Also, buyers agent's fees are generally paid by the seller. If you find a seller that is not willing to work with your agent....there is probably a reason.

Happy Hunting.
Bob
Web Reference: http://dreamfacilitator.com
0 votes Thank Flag Link Sat Dec 21, 2013
There are owners willing to be the bank (finance the buyers mortgage to purchase the sellers home). Looking for the type of house you desire with owner financing may take a while. Please email me and send your phone number to me. You may call me on my phone if you'd like. I need more information to be able to help you. Please call me as soon as you can.
Dee Henry, Realtor
Keller williams Realty
11121 Kingston Pike - Suite C
Knoxvile, TN 37934
(O)865-966-5005
Direct: 865-585-3383
0 votes Thank Flag Link Sat Dec 21, 2013
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