Irishglenco, Home Buyer in Reno, NV

Looking for a owner-will-finance or builder-will-finance house in Bend.

Asked by Irishglenco, Reno, NV Tue Feb 26, 2013

Currently live in rental here so have references. Have small down but selling home through short sale in another state so credit not good at this point. No referrals to CL please.

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4
Robert Page, Agent, Bend, OR
Tue Feb 26, 2013
I googled your question and found an interesting article on the Fran-Dodd bill Priscilla mentioned.
Wow!

Sounds like as of the date of the article the bill isn't finalized. In its current state I would advise all my sellers against owner financing. I am of course not an attorney and would definitely advise both buyer and seller to seek legal advice.

http://noteinvestor.com/notes-101/owner-financing-laws-dodd-…

My belief is this just another example of too much government intrusion, but hey, I am an old fart stuck in his ways I suppose????
1 vote
Priscilla Be…, Agent, Salem, OR
Tue Feb 26, 2013
The Frank-Dodd banking regulations were slated to effectively eliminate owner financing for residential properties on January 21, 2013. I am not certain they were fully enacted then, but the regulations as written were such that an owner would be obligated to prequalify you much like a bank to prove you could afford the home, you would have to provide this private person all your personal information and documents, and the loans cannot have "balloon" payments; rather, they were to be fully amortized. The reason people generally look for seller financing is because of credit issues or because they have money coming at a time certain in the future, etc. A seller could face stiff penalties and massive monetary loss if they get sued or challenged by a buyer for not following these rules exactly. The government wants to be nearly the only one in the loan business ... to protect people from themselves? Good luck in your endeavor :)
1 vote
Karen Whiteid, Agent, Bend, OR
Wed Feb 27, 2013
Hello,

Please give me a call to discuss your plans. Let's talk about your move to Bend! There are builders who will finance the construction of your new home.

Karen Whiteid
Real Estate Broker
Prudential NW Properties
377 SW Century Drive, Ste. 102
Bend, OR 97702
541-977-2953
0 votes
Robert Page, Agent, Bend, OR
Tue Feb 26, 2013
Best thing to do is find a real good agent and have them set you up on an automated searh for OWC properties. Not many out there but persistence will get you what you need.
0 votes
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