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Seller Finance

Hello,
I am looking for seller finance homes in Los Angeles area ,how to search them
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December 21 2012 - Mid City
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 Two important factors. If you are working with an agent then ask the real estate agent to include seller financing as part of an offer. If you are trying to purchase a home without the assistance of an agent it's important to know how to include seller financing and terms within the offer to the seller. Most buyers don't even think about seller financing options. There are two types of sellers.1. Whom has equity in the home but has a first mortgage. The first mortgage must be paid off or assumed with a release of liablity for the seller. Some times the seller will take seller financing on their equity. 2. Seller with no mortgage or deed of trust on the property. Depending on what the sellers needs are they may agree to seller financing. There are some tax advantages for the seller not taking total equity up front and creating a steady income. Your question about where to search. Contact me and I will send you a link to a document you should read about seller financing. I recommend you provide the assitance of a compentent real estate agent or attorney familiar with seller financing options to discuss financing terms you are comfortable with. 
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December 21 2012
The 'due on sale' clause is not a law, it is a contactual right. Therefore it is legal, moral. To learn more go to [Website removed by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines.]
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January 02 2013
Go to:[Hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines.]
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January 02 2013
Greetings fellow Angeleno,

I have experience with Seller financing in the Los Angeles area, and actually purchased one such property about 2 years ago for 623k myself.

Feel free to contact me if I can be of service.

Best wishes from So-Cal and good luck
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December 23 2012
To add to what has been said below, another reality is that these are hard (not impossible) to come by and you aren't able to be as picky about the house.  Many people list their homes and would maybe do this, but it isn't usually posted on the listing page, whether that is the MLS or the web.  Calling on a local agent is your best bet.  The things that are in your favor are that you are in a very heavily populated area and the law of averages says there will be more owners apt to do this with the larger pool of homes. Rental owners are ones that I could see taking advantage of this, but then you are faced with the fact that they have been dealing with falling values, and are finally seeing them go up, so they may not be so interested in selling.
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December 21 2012
Profile picture for wetdawgs
Seller financing is hard to find as mortgages have "due on sale" clause, so if a person has a substantial mortgage they are unlikely to be able to finance a buyer.   

Is there a reason you don't wish to finance with a regular mortgage?  Market rates are excellent at the moment, and you'll find seller financing rates far far higher (probably 3 to 4x market rates).   Plan on a 20% down payment with seller financing.



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December 21 2012
 
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