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Rent vs Buy in Merrimack : Real Estate Advice

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Jim Simms, Real Estate Pro in Louisville, KY
Wed Feb 22, 2012
Jim Simms answered:
Be very careful, sellers are not subject to the same regulations as lenders. You are assuming the seller is in a better position than you are, often a very big mistake. Usually the reason a buyer seeks owner provided financing is because the buyer does not qualify for a traditional loan. Underwriting guidelines protect the buyer more than they do the lender. If you work around not qualifying for a traditional mortgage the risk on your side increases a lot. If you search around even a little bit you will find plenty of “buyers” that tried owner financing or lease to own that did not work out so well. The underlying assumption is the seller will also be able to perform someday down the road. That is a very big what if, people die, get divorced, go belly up, lots of bad things could happen to the seller before you are ready. See more info in the link below I hope my observations protect you, good luck, ... more
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