Profile picture for rmoreno6277

This is my first time buying a house. I never heard of this. What's the catch? What's the process?

  • Question refers to 138 Eastridge Cir, Pacifica, CA 94044
  • December 25 2008
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Answers (6)

Profile picture for Chris Corica
wingwing said - "you take ownership of the  house by taking over my loan of about $578.000" 

You may want to check with your current lender and see how they feel about this. If you loan is NOT assumable the bank could call the whole loan due to a "due on sale" clause in most contracts. I don't think they have this on FHA but most loans do. Do your homework!
  • December 26 2008
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Profile picture for wingwing
There is no Catch this transaction..If you have $70k to pay me. you take ownership of the  house by taking over my loan of about $578.000. This home is not foreclose, it is tenant occupied with a month to month lease.
  • December 25 2008
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Profile picture for wingwing
There is no catch. It is actually to your advantage since it is hard to qualify for a loan. 
This deal is called "Subject To" lenders note:
  • December 25 2008
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I think they are referring to a listing on Zillow where the owner will finance the property. But honestly, a 4 bedroom house for $70,000? Seems too good to be true. 

Owner financing is just good old fashioned "contract for deed". The upside is it sometimes easier for first time home buyers to purchase this way. And sometimes the interest rate is equal or less than a bank rate. The downside is if you miss a payment, the home goes back to the owner and you forfeit any payments you have made to that point. Essentally you have been renting the home.
  • December 25 2008
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Profile picture for Chris Corica
rmoreno - never heard of what? what catch? please be more specific and  will try to answer your questions.

Auria - the boards are a place to answer questions. NOT pander for business. You have a profile, if they want to contact you, they know how. Try holding their hand while keeping your other out of their pocket. That would be more impressive.
  • December 25 2008
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we hold your hand through the whole process contact me whenbusiness resumes 914-563-9055
  • December 25 2008
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