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Kathleen : Real Estate Advice

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  • Home Buying3
  • Home Selling0
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Activity 9
Wed Jan 7, 2015
Tony Grech answered:
I agree with James. All owner financing and rent-to-own situations generally do are cost the purchaser more money and restrict you to one house.

An owner financing situation (typically referred to as a land contract) is generally going to require you to put up a down payment then make payments for a set amount of time - usually 2-5 years - at a rate of interest that will surely be a lot higher than you can get a mortgage for. The downside to this is that if you miss payments on your land contract or can't get financed within the time frame needed you could lose your down payment and anything you've put into the house. Plus what if you decide you don't like the house once you move in? Same thing!

A rent-to-own arrangement typically presents the same type problems. You may not have to put down a large down payment, but generally a rent-to-own agreement will credit you some portion of the rent you pay towards a down payment later on if you purchase the house. But be aware that mortgage lenders will only allow rent credit in situations where your rent EXCEEDS the market going rate for rent. Example - if the seller wants to give you $100/month from your rent as credit towards a down payment, and the going market rate for rent is $1200/month, they have to charge you $1300/month in rent for this to be allowable. So if you can't get financed later or don't like this house then you just wasted $100/month that could have been saved up towards a home that you DO like.

James is right, you are much better off flat out renting for now or seeing what steps you need to take to become approvable for a mortgage.

If you'd like to explore getting a mortgage preapproval feel free to call me or email me and I can work with you to help make this a reality.


Tony Grech
Mortgage Loan Originator | NMLS# 977416
Telephone 248-728-0078 | Mobile 313-622-7383| Fax 248-595-7130
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Fri Sep 20, 2013
Sally Wildasinn asked:
Tue Aug 6, 2013
Sally Wildasinn answered:
Hello Howard,

Try, they have a very user friendly site to post your listing.
The above link is to and you can post your home for sale on their site. Zillow...What Zillow Offers...Home Sellers...List it.
Go in this order. You can down load your pictures too.

If For Sale by Owner doesn't agree with your schedule, please give me a call, I would love to SELL your home.

Best of Luck,

Sally Wildasinn, Realtor
Fickling & Company (Warner Robins Office)
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Thu Jan 31, 2013
David Myers answered:
Thu Jan 31, 2013
David Myers answered:
I was looking at homes in a subdivision yesterday named " Lake Joy Village" just south of property your question was asked about. There was a lot of manufactured homes for sale. If I can help you anyway let me know!

David Myers
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Thu Jan 31, 2013
David Myers answered:
Hello, I am sorry that their was no responses to your question.
I found this link searching criminal trespass on a search engine.

I must say Kathleen is an amazing area to live!
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Mon Aug 9, 2010
Swordfish answered:

Because the $30,000K would come from my house I'm about to sell. And $30,000 wouldn't quite cover the $500,000 + money I owed, but thanks for your wonderful help. ... more
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