Home Buying in Oklahoma City>Question Details

Kristen, Home Buyer in Oklahoma City, OK

How do you find homes where the seller is willing to owner finance or lease purchase in OKC/Edmond/Norman?

Asked by Kristen, Oklahoma City, OK Tue Jul 14, 2009

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8
Kristen,
This is a great question, and I wanted you to know that you should work with a Realtor on this so they can confirm any owners caution flags! What I mean by that is, you want to know that the owner is solid with their lender and not behind on the mortgage. A bad situation could occur, if you get all moved in and then the lender forecloses, and you get stuck with lost deposits, and not having a roof over your head. So, no matter what you do, make sure you work with a Realtor. Ryan, Jennifer, me, doesn't matter! Just be safe; not sorry!
Web Reference: http://home4golfers.com
1 vote Thank Flag Link Tue Jul 14, 2009
Your first line of information can be and usually is a Great Realtor! Usually, at no charge, with a Buyer! They can direct you to other professionals if need be, but the main thing is to seek help, if YOU decide you want help. A Great Realtor can provide you with other optiions as well. Maybe you do not have to settle for a lease purchase! After all, your main intent is to Buy a Home! A Great Realtor can help. A Great Realtor WILL direct you to an Attorney, Lender and or other professionals when need be. We are talking about SERVICING our clients. This is all part of it; for a Great Realtor! A Great Realtor, will HELP you. A Great Realtor will not over step their expertise! A Great Realtor, can help. Believe it or not! A Great Realtor, will help! A great Sales person, SERVICES their clients. That is what it is all about! A Great Realtor, services their clients!
0 votes Thank Flag Link Fri Jul 17, 2009
I completely agree with Bob and Dave from DCSInvestments&Green Country Property Solutions. A Lease Purchase can be a great way to get into a home NOW while working on your credit and saving up for a downpayment to buy IN THE FUTURE.

However........

I completely DISAGREE with Mr. Ed Alvord when he said "no matter what you do, make sure you work with a Realtor". As a NON-REAL ESTATE AGENT, i'm able to help more people and work more creatively than when I had a license. And besides, many Agents are not educated on how to put together anything other than a "retail buy and sell, close in 45 days" deal.

Definitely work with someone who is VERY familiar with Lease-to-Own deals and creates win~win situations. If all the paperwork is done correctly and you understand all the points...it benefits both the seller as well as yourself (the buyer).

As Ed Mcnamara mentioned.....look on Craigslist under "for Rent" and contact homeowners (NOT Property Mgmt Companies) to see if they'd sell you the house at the end of the lease. You may be suprised how receptive they will be. Obviously, some are looking strictly to rent, but some will entertain your offer.

Best of Luck,

Darin
Web Reference: http://www.hhiinvesting.com
0 votes Thank Flag Link Thu Jul 16, 2009
Lease-optiion homes are a very good way to get in a home you love,and dreamed of obtaining,at the same time it gives you a chance to build up equity and repair your credit if it needs be.Our company DCSInvestments&Green Country Property Solutions might just have your dream.Feel free to browse thru my listing in trulia,if you need help please feel to call us.

Bill Sharp David Skelton
Marketing and Sales
Phone:918-967-9334 or 918-919-0806
Email:greencountrypropertysolutions@gmail.com
dcsinvestments@gmail.com
0 votes Thank Flag Link Thu Jul 16, 2009
You already heard this, but, most sellers/agents marketing their home will advertise this if they are willing to do so. Although, it doesn't hurst to approach a seller about it; if in the event they haven't even thought about it. Bottom line, doesn't hurt to ask.

Here is the catch; be very careful about owner financing/lease purchase. These are very risky agreements and expert help should be obtained. At minimum legal advice. The worse case scenerios are abundant and this is an area of real estate in which most of the 'risk' is stacked against the buyer.

I'm not sure why you are looking for owner financing and would want to know you explored all options to include bond, USDA, etc....

Let us know if you can help and best of luck.

Susan Walker
Web Reference: http://www.youropenhouse.us
0 votes Thank Flag Link Tue Jul 14, 2009
Look on Craigslist and the For Sale By owner sites. If you see a home you like call and ask the seller if they are willing to do a lease purchase even if they don't advertise they will. You never know. I can think of a hundred cautions. If you are not familiar with contracts you need to have an attorney (not a real estate agent) look at whatever the seller gives you.

Ed McNamara
Bean & Dunn Real Estate
http://www.homesforsaleinoklahoma.com
0 votes Thank Flag Link Tue Jul 14, 2009
As Ryan said, the Realtor will make notice of it in her listing. If you are interested in Owner Financing or a Lease Purchase, I do know of a few. Would you like me to email you those listings? You can email me at Jenn@JenniferSellsOklahoma.com or call me at 405.625.1576.
0 votes Thank Flag Link Tue Jul 14, 2009
Most sellers who are offering that type of arrangement will specify such things in their marketing materials. Also, if you have a Realtor sending you listings, they can specify that as a parameter on your search. Let us know if we can help with anything else.
0 votes Thank Flag Link Tue Jul 14, 2009
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