Home Buying in Phoenix>Question Details

Don, Home Buyer in Phoenix, AZ

would like to purchase a home from a person who owns his home outright, but have had a foreclosure in april?

Asked by Don, Phoenix, AZ Sat Aug 29, 2009

the owner is willing to work with me,but i do not know where to start,is there a way?

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7
Hi Don,

My husband is a Real Estate Attorney and an Agent. Please feel free to contact him if you aren't getting the help you need: 480-612-5887 or donniecoats@coatslaw.net.

Tracy
0 votes Thank Flag Link Tue Sep 29, 2009
Some others have already mentioned but
get an agent to represent or at least find a Title company that works with carry backs.
If you would like to contact me through my site at http://RalphandTricia.com I can refer a good Title officer.
Web Reference: http://RalphandTricia.com
0 votes Thank Flag Link Wed Sep 2, 2009
Sounds like the owner is willing to do a "Seller carry-back loan." This means it will be a loan which is financed by the seller. Usually a title company will be hired to handle the collection of payment and administration of the loan. Most sellers who offer a seller carry back loan, have a set interest rate in mind, down payment and term of the loan. Most times they also have a contract prepared. As with all the other advice hire a real estate attorney to review the contract and verify if it has your best interest at mind. I have never been a fan of this type of financing, but I would have to see all the specifics of the contract i.e, Purchase price, interest rate, term of loan, value of property, before I can encourage or discourage you in moving forward. Good Luck
0 votes Thank Flag Link Wed Sep 2, 2009
Hi Don,

Yes, there is a way. If you do not wish to work with an agent I strongly suggest you find a title officer that is experienced with these types of transactions in addition to seeking legal advice regarding the contract. If you would like to email me I will send you the name of a title officer that I have worked with for years in doing seller carrybacks.

Good luck, and be careful.

Susan Ellis

susan@phxdreamhomes.com
Web Reference: http://PhxDreamHomes.com
0 votes Thank Flag Link Tue Sep 1, 2009
Don... Tonia has offered you some sage advise; Well done.

I can't imagine one real estate professional who would advise you to do this on your own. There are many legal considerations and most real estate agents have never been involved in a seller carry back transaction. Thus a well versed real estate attorney is good advise.
0 votes Thank Flag Link Sat Aug 29, 2009
You should really invest a few hundred dollars into consulting with a real estate attorney and pay them to draft the contract up so you and the sellers interests are protected. If the home is listed then you should find a real estate agent that is well-versed in seller carrybacks and can help protect your interests. Even if the home is not listed, the seller may still allow you to procure an agent to assist you and compensate that agent. The key here is an agent that is well versed in Owner Carrybacks. You also may want to get an appraisal on the home. People tend to can sell their home for more than the what the market value is when they do a seller carryback because the buyer is typcially limited in what they can buy. Do your homework up front and spend a little now to make a smart decision or pay a lot in the end.

Tonia Vickery
Certified Short Sale Negotiator
http://www.ToniaVickery.com
0 votes Thank Flag Link Sat Aug 29, 2009
There are many question that needs to be answered. Example: Do you have money to put down? If so, how much? Is the owner willing to carry the loan for you? What will your interest rate be, if the owner will carry? Purchasing this home can be done, if you and the owner agree.
0 votes Thank Flag Link Sat Aug 29, 2009
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