Jeff Brinker

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Owner Financing

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Is owner financing

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July 15 2007 - US

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Kay Osman, "lovehawaii"
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Kay Osman, "lovehawaii"

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You may like to ask yourself why you resort to owner financing, specially with the prevailing interest rates at 40 year low.
In the past, the lenders did not have due on sale close, so, Sellers were able to give Seller financing at little higher interest rate, and thus cover their payment cost and have some extra.

Some of the aspects where a Seller can provide finance:
1. If the property is free and clear, Seller wants to have a return on his money higher than what he get on a CD, and specially if the buyer has a decent down payment.
2. If the property is free and clear, and the Seller is having hard time selling it,Seller may be able to offer attractive package to fit may be his tenant, or other buyers who are waiting on the side line for a good deal.
3. Seller can give a second mortgage, and the buyer will borrow a first mortgage from the lender, this way, avoids having to come up with cash downpayment, and paying mortgage insurance.

There are many points to be aware of, whether you are a buyer or a Seller: the term of the loan, the interest rate, whether it is fixed or variable, due on sale and under what circumstances, late payments and default to mention a few.

Seller and buyer must be careful, have title and liens checked out, and hire a real estate attorney to draft the proper mortgage documentation.

Kay F Osman R, ABR, CRB, CRS, GRI, SRES (808) 523-6421

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July 15 2007

Lynn Burke, "law of vibration"
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Lynn Burke, "law of vibration"

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Would you elaborate on the "due on close" clause? I thought one could still offer "contracts for deed" or "seller financing if you will, and carry the note for buyers. Typically this is at a higher interest rate. Are you saying that cannot be done any longer?
Thanks

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July 18 2007

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