How do I find "owner financing" homes?

Asked by jbuzbee, Sarasota, FL Thu Feb 9, 2012

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Marshall, Home Buyer, Charlotte, NC
Thu Nov 24, 2016
Basically all the statements here are true. I am a private investor who does "Owner Financing" deals. We do charge around 8-10 percent interest. We DO NOT increase the price of the home. I feel it is either a higher rate or higher price. If your doing both of them look for something else. You are being taken advantage of, they are greedy sharks.

We understand people get into credit issues (We have personally). We look at the buyers ability to pay. Past rental history and rental amount. We then get the payment at a price they have shown they can afford. It is usually around what they are currently paying.

The payment will include Principal, interest, taxes, home owners insurance and loan servicing with escrow. We adjust the term and the rate to achieve this affordable amount. We do a full closing including promissory note or deed of trust (depending on state). Do not do Owner financing unless they are deeding the property to you or an entity you control.

Our loan servicer reports to the credit bureaus, we send you to the local United Way-they do credit counseling and charge a sliding scale-usually very reasonable. We also set you up with a mortgage broker who will tell you what you need to do to your credit so you can qualify. They can even tell you when they can get you a loan if you follow the instructions. All of these are up to you the buyer. We give you the tools and information so you can refinance the loan at a lower rate. It up to you to do it.
3 votes
Radinka Ilsi…, Agent, Lakewood Ranch, FL
Sat Feb 11, 2012
A local realtor can set up a search for you and send you listings that are offering Seller Financing. The MLS has criteria we can set up to send those to you.
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Feb 9, 2012
As others have warned you;
be careful:
Most people searching for Owner Financing are doing it because they cannot get a conventional loan. The Sellers know this and as a result, you may be asked to sell your soul. They will expect a higher interest rate; don't be surprised to see 8 to 10%.
You might use a mortgage calculator to determine what this will mean per month, and over a 5-6 year period.
Do not assume that your situation will improve so dramatically in the next few years that you will be able to do a re-finance and get our of the bad loan; a lot of people have assumed that lately and ended up losing their homes.
Be very careful, there are a lot of sharks in these waters.

Good luck and may God bless
0 votes
Gary Hitchco…, Agent, Coral Springs, FL
Thu Feb 9, 2012
The MLS will indicate whether or not the seller will do owner financing. A good realtor will know how to look for them.
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0 votes
, ,
Thu Feb 9, 2012
Make sure you understand how this works and the risks it places on you. I chat with buyers on this subject often, just yesterday a lady asked me if her daughter could do this. The most common reason people ask me about a lease option or owner financing is because they do not qualify for traditional financing. The underwriting guidelines are actually very liberal despite what you read and hear. If you do not qualify for a mortgage look internally, not try to work around the problem. Anything you do to work around increases your risk significantly, I hope the link below keeps you from being hurt financially, good luck,
0 votes
Annette Law…, Agent, Palm Harbor, FL
Thu Feb 9, 2012
Sarasota Home Buyer,
Three ways:
1. Your real estate professional can scoure the exsisting inventory to locate these homes
2. You can submit to your real estate professional the description of the HOME YOU WILL BUY and they will proactively find the home in your target area.
3. You can drive up and down the streets in Sarasota and knock on the doors of those FSBOs and ask if they will owner finance.

Owner financed homes is a resource I often use. These special arrangements are HIGHLY favorable to the owner and RARELY result in a home changing onwership. (Rarely = Never)

If you have not already, take time to chat with a multi-dimensional real estate professional ( a single dimension agent will only ask, "Have you been pre-approved?") to review all your options.
Best of success to you.
Annette Lawrence
ReMax Realtec Group
Palm Harbor, FL
727. 420. 4041
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