Tim, Home Buyer in Brookings, OR

Looking for a owner carry, lease or rent to own home. Have bad credit, can u help?

Asked by Tim, Brookings, OR Tue Dec 8, 2009

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4
Brian Brump…, Agent, Boise, ID
Wed Dec 9, 2009
Tim,

I agree with Jim's explanation on this. You can't be too careful as there are a number of scams. More owners are getting creative with financing as more and more people are being hurt by the ecconomy.

As far as your credit goes, I'm sure the potnetial seller is going to want an explanation on why it is bad and what are the causes. I would also expect, on a legitmate deal, to have to bring a minimum down of at least 1% of the purchase price or more.

Once you find one, you may also want to consider setting up long term escrow for your lease payments. That way you can be sure the money you are paying the owner is going toward paying the mortgage first if there is one outstanding. It still won't gurantee the owner from going into default depending on what their payment is, but it's a safer way to do it.

You'll want to get your agent to pull title to make sure there are not outstanding liens on the property. Obviously if you have an owner who owns the property outright like Jim the transaction will be much cleaner. They're out there, you just have to do some leg work to find them.
Web Reference:  http://www.BrianBrumpton.com
0 votes
Jim Paulson, Agent, Boise, ID
Tue Dec 8, 2009
Hi Tim and thanks for asking for assistance!

There are no one size fits all answers to your request. Most sellers will look at your situation listen to your explanation of why you have bad credit think about their comfort level from there. The more you put down, the easier it is.

There are just as many scams out there on rent to own options are there are real opportunities so be careful! (for example, what if you do what you are supposed to and make your payments on time and the seller never pays their payment and the home goes into foreclosure instead of ultimately being sold to you?

Make sure the underlying loan on the house does not have an alienation clause (due on sale) that the bank can trigger making the entire loan due and payable if they find out!

Run a credit check on the seller to make sure they don't have issues they may not be able to resolve when it is time for you to close (i.e. is the ex still on title or is the home tied up on Probate Court).

As you can see, one size does not fit all!

Contact a reputable agent and share your unique case with them, then develop the right plan to go foreward. Do not post your personal details online for all to see (i.e. income, debts, etc.)

I personally own a few rentals in Boise that I would entertain a lease to own on. One of them is free and clear (no mortgage) so I might entertain an Owner Carry contract on it. Let me know what requirements the home should have, what you want for a comfortable monthly payment (shouldn't be more than roughly 30-40 percent of your monthly income (before taxes, etc.) and the situation behind your credit.

Sometimes, we can work around the credit issues and get you in sooner than you think! (i.e. bankruptcy 3 years ago and clean credit since could still get you a loan today!).

Hope this helps!
Jim Paulson
Owner/Broker - Progressive Realty Corporation
Web Reference:  http://www.IdahoMLStours.com
0 votes
I am looking for owner carry. I will be in town Sunday through Wednesday 3/27/16 - 3/30/16 864 two 38 93 zero zero
Flag Sat Mar 26, 2016
Mike Turner, , Boise, ID
Tue Dec 8, 2009
Hi Tim,
I recommend you go to the following site to find the Boise area owner carry, lease or rent to own.
http://IdahoOwnerFinancing.com

Sincerely,

Mike Turner
Broker of Turner Real Estate
http://www.TurnerAgents.com
0 votes
Don Tepper, Agent, Burke, VA
Tue Dec 8, 2009
Sure. I found plenty of them. You've listed yourself as being in Brookings, Oregon. Here's a typical listing:
http://medford.craigslist.org/reb/1490702316.html

If you're looking in Boise, I found plenty more. Here's a typical listing:
http://boise.craigslist.org/reo/1497107838.html

Or another: http://boise.craigslist.org/reo/1495577019.html

Or another: http://boise.craigslist.org/reb/1491903695.html

Or another: http://boise.craigslist.org/reo/1491185741.html

There are hundreds of them out there. All you have to do is pick the one you want.
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