Home Buying in Ennis>Question Details

Janet, Home Buyer in Ennis, TX

is there an easier way to find a" house for sale by owner" and not have it financed?

Asked by Janet, Ennis, TX Sun Jan 17, 2010

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Sure. I wrote an entire e-book last year on that subject. (The link is below, if you're interested. Otherwise, I'm not going to promote it here.) The point is: Lots of ways.

There are plenty of sites, such as the one Dan suggests, to find FSBOs. There's also a popular military one: http://www.militarybyowner.com/ Plus Craigslist. Plus just driving around looking for signs. Plus looking on the MLS--some FSBOs will pay a fee (usually a couple hundred dollars) for their property to be listed on the MLS.

On top of that, there are many ways to find owners willing to sell their properties even if it's not listed as a FSBO. Look for some of my past postings on finding lease-options. The same techniques can be used to find people who'd like to sell their homes when their homes aren't listed on the MLS.

As for "not have it financed," I assume you mean not borrow money from a bank. Sure. There's seller financing. That can be straight seller financing, with a note drawn up. Or it can be in the form of a lease-option or lease-purchase. (Be careful: Texas law severely limits the ability to do lease-options.) It can be a land contract or contract for deed. It can be an equity-share arrangement, in which someone else (friend, relative, investor) puts up the down payment and sometimes part of the monthly payment. It can be a wrap mortgage. Or it can be a "subject to" in which case the owner deeds the property to you and you, in turn, promise to make the owner's mortgage payments.

Some of these techniques use Realtors--there are a number of ways to find possibilities on the MLS. Others don't. I'd suggest you find a Realtor who knows and understands creative techniques for finding and financing properties. One place to start are real estate investment clubs in Texas. You'll likely find some Realtors who know and understand creative financing and more. Here's a link: http://www.creonline.com/real-estate-clubs/tx.html

Hope that helps.
Web Reference: http://bit.ly/NoNewMortgage
0 votes Thank Flag Link Mon Jan 18, 2010
Don Tepper, Real Estate Pro in Burke, VA
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Well, it's not as easy to find FSBOs as it is to find properties listed with real estate agents, that's for sure. Whatever do you mean by, "not have it financed?"
0 votes Thank Flag Link Sun Jan 17, 2010
I don't know about Texas, but in Portland, Oregon, FSBO's use craigslist quite a bit. A lot will also post when they're having open houses so you can go take a look.

While not search friendly, it would be a good place to start.
0 votes Thank Flag Link Sun Jan 17, 2010
There are alot of FSBO services including fsbo.com, buyowner.com, forsalebyowner.com, and many others. You can also check in you local newspapers, especially community newspapers. If by financing, you mean owner financed, most sellers don't want to deal with holding a mortgage so you'll have to contact a local mortgage lender. If you do have some credit dings, or can't qualify for some other reason, you just need to ask each seller if they will seller finance. There is really no central clearinghouse for those deals. That's the downside to FSBO deals.
Web Reference: http://www.hlstx.com
0 votes Thank Flag Link Sun Jan 17, 2010
http://www.forsalebyowner.com


all I can tell you. Financing, that is another issue.
0 votes Thank Flag Link Sun Jan 17, 2010
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