Home Buying in Boston>Question Details

ahahajarm, Home Buyer in Boston, MA

who I find a house that owner willing to finnance.?

Asked by ahahajarm, Boston, MA Fri Dec 7, 2012

my e -mail is ahahajarm@gmail.com

Help the community by answering this question:


Those seeking seller financing typically do so because they are unable to obtain financing from a lending institution. Usually because of BAD CREDIT. After all, why would a right-thinking person walk away from 3% money. Opportunity costs are greater than that!

The assumption is, you are not qualified for a bank loan. The home owner does not want to get stuck with a dead beat buyer/occupant. Recovering from such a bad decision is costly to the owner. To assure this does not happen, you the buyer, will need to present a BIG PILE OF CASH to finance your own eviction and the rehabilitation of the home when you are gone, plus a generous amount for the hip bank. The prudent seller will have made their profit and obtained security before you ever get a key.

Unfortunately, some homeowners who watched those midnight, 'Get Rich Through Real Estate' shows, did not make these precautions and will be financially crippled when their 'option' buyer jumped ship and left them with a pile of liability

The very best path for you to take is to apply the discipline and patience required to fix your credit. Trying to circumvent this process will, in the long run, be costly to you.

Be assured, if you have a BIG PILE OF CASH, there is a home waiting for you. There are two predatory resources available to you that provide this option. I won't volunteer them, but I'm confident someone will name them.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes Thank Flag Link Fri Dec 7, 2012
While this is sometimes possible it is highly unlikely that a seller would finance the purchase of their home. Your best bet is to work with a mortgage professional and see what products would work for your financial situation. There are programs through Mass Housing, FHA and conventional programs that have extremely attractive interest rates.
0 votes Thank Flag Link Fri Dec 7, 2012
Thats easy many banks that have foreclosed on homes offer new buyers financing. I know thats not what your talking about, but most normal sellers are not in a postition to do so, dont understand how to, and there attorney's wont let them.
0 votes Thank Flag Link Fri Dec 7, 2012
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