Looking to buy a house in Southern NH, Brookline, Merrimack or Pepperel Mass area. Would like owner?

Asked by Ted Hazel, Jupiter, FL Tue Jul 14, 2009

financing, have large down payment.
Fixer upper OK, large lot size, will deal with listing agent or seller only.
Ready to buy now!!!!!!

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3
Ken Lambert, , Exeter, NH
Mon Jul 20, 2009
Hi Ted- I am part of a large (150+) member network in NH that may have some properties like this WITH onwer financing, but I would need some more of your information and criteria. The group I'm with is the NH Real Estate Investor's Association. May be of some help to you in finding a place.
Call or email me if you'd like. Thanks and good luck,

Ken L.
0 votes
Dane Hahn, Agent, Englewood, CO
Tue Jul 14, 2009
Hi Ted,

Your suggestion that owner financing would work for you is something that many more owners may have to come to grips with. As buyers with good down-payments but bad credit scores want to acquire a home, owner financing or land contracts, A/K/A wrap around mortgages will once again become popular.

But the difficulty is to find a seller willing to make such a sale--as usually they need the proceeds of the sale to make their move, and that stalls everyone.

Today there is a possible solution, using a land contract--in which you take posession, and make payments to the seller. By contract you sign a loan agreement with the owner, making monthly payments based on a 30 year mortgage schedule, but agree to close out the loan after 5 years by re-financing at that time. You have all the rights and obligations of an owner, but the seller keeps the deed until you have either finished paying the mortgage, or re-finance early.

In the meantime, to solve the sellers need for cash, he can either rent a place for himself or take an equity loan. There may be other options, but it would be illegal for him to apply for a reverse mortgage because he would have to lie about his continuing to live in the home.

Best luck

Dane Hahn
NH Broker
Web Reference:  http://www.daneandsandra.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Tue Jul 14, 2009
Ted i can understand your frustration of not wanting dozens of agents contacting you, however some owners or listing agents may not be on trulia to see your post. I can check the MLS and the local papers for homes that have owner financing. If you want to email me with what towns/cities in Southern NH you are interested in, i can email you the listing sheets that have owner or builder financing. Hope i can help
Web Reference:  http://www.ScottSellsNH.com
0 votes
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