Profile picture for bonsaiboy23

Owner will carry contract.......

How can I find houses for sale where the owner will carry a contract. My credit is toast, and we're walking away from our house, but my mother will buy our next home and sell it back to us down the road. She has great credit, but no cash. We have 10 grand now and are putting away 2k every month we are still in this house. I'm just sweating it, and if we need 20% for a conventional loan, I'm afraid we won't have enough time to save for the down. Most of the houses we're looking at are around 150-180k and that would take us another 15 months saving, and who knows what the future holds. Any help? Anyone even read these things? Any info would be appreciated, Thanks a bunch,
Erik
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March 27 2011 - Vancouver
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Profile picture for phipps841
where is your house located first of all
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August 26
Profile picture for acpierson6
I guess I'm not allowed to speak about [deleted by Zillow  moderator] and the slumlord  he is and how he preyed upon me with devious intent and has done so to others. My blog is simply a warning to be wary of  [deleted by Zillow  moderator] and to be careful and methodical when doing contracts with people.
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May 15
Profile picture for acpierson6
I would never rent to own again!!! My landlord came onto the property while working on the septic that was not code and spewed up on my feet while showering went into my garage and was stealing my property.  Later he returned with several people and removed the contents of the home and thousands of dollars of my personal property.  The picture the neighbor took was not admissible in court as it was too blurry. When I called the Clackamas County police they said," get a lawyer its a civil issue we don't know what's yours and what's his".  So even after sending my insurance rep to retrieve my property which he simply denied, taking him to civil court in Clackamas County where he lied on the stand under oath and was warned by the judge about his rental actions he still walked away scott free with all my property. I still never received any property reimbursement or a judgment against this slumlord. I was also forced to moved into a hardship situation due to the lack of security at this dwelling I was buying "on a contract" .Don't ever rent to own without a full legalcontract and every detail written out beforehand or your landlord can take your property and its difficult to prove apparently in Clackamas County OR. His name is  [deleted by Zillow  moderator]. Beware of this slumlord. Now my only option for reprisal is to submit to the Oregon Supreme Court .
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May 15
Profile picture for user7426706
Any home that is for sale within your price range is open to inquiry.
Sometimes owners actually want to carry a note for their own financial/tax purposes.
Using an attorney to make a contract for you is of course a good idea. If an owner is sensible, he or she will want this as well. The terms are up to you as the buyer and the owner. You might make a deal to put $10000 down, make a monthly payment and agree to a 3 year balloon payment of $5000.
You might agree on a 25 year loan or a ten year loan. If there is a real estate agent involved, you can offer to pay half of his/her usual commission on the sale. And the owner may be willing to pay the other half. Consumers are going to need to become more creative and sellers more flexible, since banks seem to be disinclined to finance the majority of prospective homebuyers.
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April 09 2013
Profile picture for user7986226
Hi, we are in the same boat as your post last March.  How did it turn out for you?  We are trying to find land in spokane on contract or a home with a few acres on contract.  Please e-mail me directly to  [deleted by Zillow  moderator].  Thanks
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January 02 2013
Profile picture for user233968
I will sell you my 1864 sq. foot manufactured home, with $15000.00 to buy out my equity, and you can take over payments, of $367.15 monthly. Space rent is $360.00 and includes water and garbage. It is located in a nice family park in Sutherlin, in north Douglas county, Oregon. There are only 5 years left on the contract. If your interested e-mail me at johnnyand connieporter@hotmail.com

The home is a 3 bedroom 2 full baths, master bath has walk in shower, with seperate garden tub. Every bedroom has walk in closets,all bedrooms are of good size, the master bedroom is huge. there is a 12 foot fence around the intire back yard, Plus cyclone fencing around the whole lot.The home has a newer roof, new hot water heater, and a good heat pump.  There is a see threw fire place between the living room and the family room, seperate dinning area, and brk. nook in kitchen, Large laundry room, with space for an up right freezer.
Best regards
connie porter
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June 12 2012
I have been very successful in finding homes and closing the transactions for my Buyers with homes available with Seller financing. I am a current Broker in Washington with over 20 years of experience. If your mother is in on the purchase there are USDA loans and Washington Bond Loans that require minimal money at closing from the Buyer. Check my website for home Buying tips or contact me anytime!
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May 09 2011
Why are you walking away from your house? 

I would highly recommend against a strategic default. 
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March 28 2011
Why are you in such a rush to buy again? Rent instead until prices have bottomed down, they haven't yet.  Read Dan's message.
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March 27 2011
Profile picture for sunnyview
I guess if it were me I would avoid rent to own. I have heard one too many horror stories about owners welching, not paying taxes, "buyers" who make major repairs never getting reimbursed etc. The market is not going up in your area right now here. They are still correcting down.

Many rent to owns go south due to deals that are not adequately legally defined. Owners walk off with your down payment, sell the house from under you, get you to make repairs in contemplation of ownership and then you would be left to start your saving all over again. It is a significant risk to take.

There is no disadvantage right now to save your money, repair your credit and wait for another few years until you can qualify for a conventional loan.
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March 27 2011
Profile picture for wetdawgs
FHA loans required 3.5% down payment, plus closing costs.  But, if you are walking away from your current house you'll have several years until you are eligible for an FHA (or conventional) loan.

On Zillow, there doesn't appear to be a special category for this search category, but occasionally it is noted in the comment section. 

Some of the down falls of "rent to own".

1.   Usually a substantial, non-refundable down payment is required.  I've seen this as high as 10% of the purchase price.

2.  The only amount that goes to the actual purchase is the amount above and beyond fair market rent. 

If you decide to go this route, make sure you have an attorney involved in drawing up the paper work.  However, please use caution.  In general, rent to own propositions are a losing situation for the buyer and only a tiny percentage actually move forward to actual purchase.
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March 27 2011
Profile picture for the_country_hick
Below is a house price prediction site. It looks to me like waiting to buy for that extra year or 2 could be your best way to go. You can also work on improving your credit during that time. I would suggest you talk to a lender near you who also works with credit repair.

Washington

"Weak home sales and an over abundance of properties listed for sale hurt Vancouver in the late part of 2010. A lack of consumer confidence in the market and unemployment troubles the area, which experienced booming growth like most of western Washington during the real estate peak. The vicious cycle has stalled home sales and sent prices lower, which are forecast to decline another 5.6% on average by year's end."

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March 27 2011
 
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