Are there any brokers with Owner finance options in Copperfield 77084/Langham Creek area?

Asked by Kokopelli808, 77084 Wed Sep 26, 2012

Help the community by answering this question:

+ web reference
Web reference:

Answers

12
Al Geffon, Agent, Houston, TX
Wed Oct 3, 2012
"kokopelli808" is looking for a property in a very specific area, zoned to a given high school. He/she has capped the price at $100k, with a down payment of 8% to 10%. MLS shows absolutely nothing meeting these criteria for this needle in a haystack ... and even if there were something available, the owner would almost certainly require a significantly larger down payment. Of course, the matter of qualifying for financing down the road is yet another obstacle. My advice to the original poster remains the same ... rent a home at this time.

Al Geffon
(713) 213-6350
al@algeffon
Web Reference:  http://www.har.com/algeffon
2 votes
Carla Pennin…, Agent, Georgetown, TX
Tue Oct 2, 2012
Your Realtor can search the MLS for properties that have owner financing as one of the acceptable financing options. Most owner financing that I've seen involves a larger down payment, higher interest rate, and a balloon payment in 2-5 years. You'll need to know that you can be approved at that time for a convetnional mortgage.
1 vote
Al Geffon, Agent, Houston, TX
Thu Sep 27, 2012
I've never seen an owner-financed transaction with less than 20% down. Most buyers have credit issues ... otherwise, they'd be able to purchase a home in a more conventional manner. Owners are counting on buyers being able to obtain financing in three to five years ... the balloon. During that time period, they'd want to be certain that their interests were protected, thus the substantial down payment and significantly higher interest rate. The number of homes available for owner financing is limited to begin with ... and adding a very specific location further decreases the inventory, most likely to about zero. Given your circumstances, it appears as if renting is your most viable option at this time. Best of luck ...

Al Geffon
(713) 213-6350
al@algeffon.com
Web Reference:  http://www.har.com/algeffon
1 vote
Carla Pennin…, Agent, Georgetown, TX
Thu Sep 27, 2012
One of the search options in the MLS is to search for homes with "owner finance" as a financing option. A Realtor can set that up for you and send you all the houses that meet your other criteria (bedrooms, price range, area, etc) then pull the ones that have owner financing. The realtor will need to clearly understand your preferences, then you can save lots of time with that assistance!
1 vote
Dodds_jenny, Home Owner, Houston, TX
Fri Nov 9, 2012
I am not a broker, but we will be putting our home up as owner financed in May 2013. If you are interested I can send you additional information. We are in copperfield/wheatstone area. Beautiful home, custom built in the neighborhood. Travertine floors in entry and kitchen, hardwood floors downstairs, granite countertops, newly remodeled bathroom, backyard deck and landscaping. We back up to a bayou so extremely private. Let me know if you are interested.

Sales price will be $155 and we are giving three down payment options:

10 % down 6 % interest
8% down 7% interest
6 % down 8% interest
0 votes
I'm looking for owner finance, i have a good down payment. If you still do pleace send me yours address. You may also call me at: 8324617892, ask for Angelika. Thanks.
Flag Sat Mar 9, 2013
Do you still have your house for sale?
Flag Sat Mar 9, 2013
Kokopelli808, Home Buyer, 77084
Thu Sep 27, 2012
We are looking for around 100k 8-10% down and going to langham creek highschool. West little York queenston area. 3bd 2 bth.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Sep 27, 2012
Good morning Kokopelli808,

Your best course of action is to meet with a Mortgage Banker to get prequalified. If you are qualified you'll be able to use proper mortgage financing to buy a home. If you are not qualified your Mortgage Banker can guide you on the steps you need to take in order to prepare for homeownership in the future.

Owner financing is a BAD option for buying a home.

Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.


Saving money for a down payment? Well, heck, you can do that on your own.


If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.


Find a way to save up on your own; not with Rent To Own.


Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140
0 votes
Trevor ...

FYI ... Texas law prohibits Realtors from doing rent-to-own transactions. It's probably the only state that does, and is likely the one consumer-oriented law on the books. The deal requires an attorney to prepare two separate contracts ... one for the lease, the other for the sale. I'm thankful that I don't have to get involved with them. I'm also with you on owner financing ... it's the seller who benefits. Thanks for your input.

Al
Flag Thu Sep 27, 2012
Lerma Sampang, Agent, Houston, TX
Thu Sep 27, 2012
A real estate professional or Realtor could refine a search for you with this financing & other criteria you have. If you aren't already working with one, I would be like to offer my services.
0 votes
Persis Behra…, Agent, Cinco Ranch, TX
Wed Sep 26, 2012
Hello,

There are quite a few available homes in and around the Copperfield area which offer Owner Finance options. Question is, what is your criteria for the home you want to purchase?

Please specify bedrooms, single/double story preference, budget and any other specifications so the home search can be specifically geared with that in mind.

If you have not yet selected an agent to work with, please give me a call. I would love to help and explain the transaction process.

Persis
713-294-7747
persis.realtor@gmail.com
0 votes
Al Geffon, Agent, Houston, TX
Wed Sep 26, 2012
While there are a few owner-finance properties available, your upfront cost and monthly payment will be greater than traditional mortgages. 20% to 25% down is normal, the interest rate will be significantly higher (the last one I did was at 8%), and you'll have to qualify for a loan in three to five years to pay off the owner (the"balloon"). Of course, you'd also be limiting your options, since few such properties are on the market. There are situations where home ownership is not the most viable option. Yours may be one. Please think it through carefully. I wish you well.

Al Geffon
(713) 213-6350
al@algeffon.com
Web Reference:  http://www.har.com/algeffon
0 votes
Carolyn Wolfe, Agent, Houston, TX
Wed Sep 26, 2012
I have one in Prestonwood Forest off of 249 Grant/Schroder exit.
5 bedrooms in CyFair school district.

Check out my website and send me an e-mail if you are interested.

I can pull more from HAR if you wish...
0 votes
Karrie McGhee, Agent, Houston, TX
Wed Sep 26, 2012
I know of owner financing in Copperfield; however, it is on Maplemont/77095. If you are interested you can contact me.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more