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Where can I find owner financed properties? My husband and I are looking to relocate to Brevard Co

  • December 09 2012 - Cocoa
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Answers (7)

Profile picture for Blue Nile
Community banks and credit unions often can finance less than $30k.  You might ask around.
  • December 11 2012
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Profile picture for user211408
The area of interest id Brevard County, Florida. Sebastian or Cocoa
would be ideal. We are looking for a modest home that is under 30000., a fixer upper with sound bones and plumbing but needs updating and cosmetic repairs. We want to find homes with owner financing because banks won't lend under 40,000. and we don't want to carry a big mortgage as I am retired and my husband is close to retiring. We know we would have to put down a big down payment and pay a higher interest rate but we would want the contract to state no penalty for
early payment and intend to pay the balance quickly. We have seen
many 3/2 homes in the Brevard County area that we like under 30,000.
Any advise would be appreciated.
  • December 10 2012
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Profile picture for wetdawgs
Owner financing is sometimes available, but plan on a down payment of at least 20% and interest rates 2 to 4x higher than market rates.

  • December 10 2012
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Why do you want owner financed? Credit concerns or is there some other reason? 
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  • December 10 2012
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I would talk to a Realtor from each of the two biggest companies out in that area, maybe even three, and ask them to email their entire company that is in the general area.  I have been able to find homes for clients looking for the same thing doing this, as often the agent may know about a owner willing to carry but it is a hard thing to search.  My company has about 1000 agents in the Palm Springs area, and with that many extra feelers, I sometimes can find things I didn't think would be possible.  Tell the agent directly that you are searching with 2-3 companies, and if indeed they found you something, you would work with them.  That should help motivate them to put a simple email together fairly quickly.

Good luck, 

Karl
  • December 09 2012
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What is your knowledge of the local area? Do you have any specific areas of interest?  Any buyer's agent could provide you with listings where owner will consider holding a first mortgage.
  • December 09 2012
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Profile picture for Ofe Polack
A word of caution....owner financed properties are not always a good idea.  First of all the downpayment is larger than either FHA and conventional, the interest rate will also be higher than it is on the market at the moment and the terms should be approved by a real estate attorney if you do not want to lose your shirt in the process.   If I were you I will rent for a while until your financial background allows you to purchase a home.  I do not know of any list specifically for owner financed properties, you will have to contact a buyer agent and have the agent inquire amongst the sellers.
  • December 09 2012
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