The Pros would be: No Financing Fees and costs associated at the Banks.Less Closing Costs.Go to www.bankrate.com to figure the interest etc. You should have a Lower monthly payment because Insurance like PMI (Private Mortgage Insurance) and MIP (Mortgage Insurance Premuim isn't added onto your morgage loan.You don't have to get an Appraisal but make sure your not overpaying for the property.Some don't prefer a credit check.Faster closing.
The Cons would be: Normally a big down payment (depending on price range of the Home and Property owner financing for you)
higher interest rate since you can't get a loan at the bank.
A balance due in full in 5, 10, 15 yrs (Balloon Payment)
* Make sure papers are drawn up by an Attorney and set up Escrow at a Bank so when you make a payment, it goes directly to Seller's account and that way you have proof you're making those payments and making them on time.If you default, the Seller has the right to take the property back.
Good luck to you!
Angie Gardner, Realtor
Chuck Fawcett Realty-Greenwood Branch
741 Center Street- Greenwood,Ar
My website: http://angiegardner.nwa.mlxchange.com... more
You stated that you are “buying” a house. I guess that means you have bought. Was this an owner finance on a land contract or did you get a mortgage from a lender? If so it would appear that whoever inspected or appraised the property for the lender would have or should have noticed the mold and other unfavorable conditions.
If you are on here with the “wounded duck” syndrome, “help me –help me I have babies and I am poor …” thinking some local lawyer or others are going to feel sorry for you and represent you for free or give you a refund you are only kidding yourself.
Speaking of yourself; pretend someone with an enormous amount of money were to approach you tonight and tell you for some personal sentimental reason they are prepared to give you 10-times the amount you paid for the house. Are you going to go to the seller with your newly discovered riches and give him some money back? Better still when you attempt to sell the house are you going to be honest or be the same kind of person you allege the seller was to you?
As for your statement “can I sue;” you should know the courts are inundated with frivolous lawsuits if the plaintiff has the money. Lawyers will sue for any reason, if-if you have the money. So your question of can you sue can be answered by if you have the money.
I hope this is helpful to you and also I want to inform you that Elvis Presley is dead and Nixon is no longer President. Also I am selling wood for fire places at $300.00 per rick/rank or whatever. I feel you are a potential buyer.... more
It's really interesting that three years later this question has yet another answer and yet another Realtor willing to "help" a high-dollar buyer. Maybe I'm a little cynical, but probably you have already found something and none of us who answered before was "the" Realtor selected.
In any case, if you are actually still looking for a home, there are a lot of us who can help, including me (I'm not too proud to admit it). And as others who have answered this question have stated, there are a lot of factors to consider in terms of what you are looking for, lifestyle needs and choices (e.g. commuting or other), amenities and the type of home you are looking for, etc.
My "bona fides" include several university degrees, as well as many years experience working with buyers (and sellers) and several real estate designations for my specialties. You can do your own search at my website listed below and get more general information about real estate in NW Arkansas at my main website at www.judyluna.com.... more
If you don't have any established credit, now is a good time to start. You could establish a good credit score much faster than your fiance could fix his.
Just get a credit card with 100-200 dollar limit and use it and pay it off every month. Don't maintain much, if any, revolving credit. Just buy what you normally would, then pay it off completely at the end of the month.
You will have a decent score within a year.
Try it and let us know how it works out.... more
Not sure where the assessor gets their SF number. Almost everybody's house in our neighborhood has a SF which is lower at the assessor's office. The couple I've checked is almost 200 sf lower at the assessor's office. I hope this helps. I"m going off of my apprasial SF. Assessor's office told me to bring in my apprasial and they would change the SF of the house. Probably make my taxes go up.... more
Kelly, let me help you with your search, Just contact me, and I will send you what is available, Property in Hot Springs is a great investment.
501 276 4546
I look forward to hearing from you... more
I work directly with home sellers, builders, and investors. I find properties that have not hit the market yet and may have some helpful information for you.
If you would like to work more with me please give me a call or text at 501-398-4663. If you prefer email try Jessica.Johnston@Crye-Leike.com I work for Crye-Leike Maumelle
I have 58 lots available and 2 brand new patio homes for sale currently.
Buy,Sell,Rent,Invest are my specialties. *Kitchen designer- granite and marble specialist... more
link below has homes under $100 per sq ft. affordable to me means "the home should appraise"
Larry 501 206 7445... more
I don't know where you got your info, but my daughter and family live in Cabot and I spend a lot of time there. There is good and bad in all races and I have not ever seen or heard such a thing. If someone has a problem thats their problem. everyone deserves equal treatment unless there out to cause trouble. Don't back away you have a right to live anywhere you want.... more
If you have money for a down payment (usually at least 10% - 12% of the purchase price or more), it may be possible to find a seller willing to owner finance for a short time until you are able to raise your score.... more
Hi Glen, 716 is a good score, but scores are not the only factor used to determine whether or not you will be approved for financing. Length of continous employment, debt-to-income ratio's, and other variables come into play here. Hope this helps. If you have any futher questions, feel free to contact me directly 501-246-0861. Thanks.... more