Profile picture for batistalouise

are there homes where the owner will finance the balance

I am looking to buy a home in Port St Lucie Florida where I put a substantial deposit down and the owner finance the balance for around 5 years. Is this even possible ?
  • November 23 2013 - Port Saint Lucie
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Answers (6)

Yes, but beware less sellers see this as a positive way to fiance because the CFPB regulate this type of financing just like mortgage companies, this is not the complete ruling FYI, see below:

IV. When is a seller financer a loan 
originator? (§ 1026.36(a)(4) and 
(5))
Seller financers that engage in a minimum number of transactions are considered creditors under 
the Truth in Lending Act (TILA) and Regulation Z. Specifically, seller financers would be 
considered creditors under Regulation Z if they extend credit secured by a dwelling (other than 
high-cost mortgages subject to § 1026.32) six or more times in the preceding calendar year, or 
extend more than one high-cost mortgage in any 12-month period. Accordingly, such seller 
financers are excluded from the definition of loan originators for purposes of the compensation 
provisions unless they use table funding. In addition, the rule contains two additional special 
exclusions from the compensation, steering, qualification, and identification provisions for 
certain seller financers. These exceptions are:
1. You are a natural person, estate, or trust and you provide seller financing for 
only one property in any 12-month period.
2. You are any type of seller financing entity and you finance the sales of three 
or fewer properties in any 12-month period.
  • October 03 2014
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This is called Seller Financing. Although they are somewhat rare, I have 1 available right now and another expected to be listed within the week. Where are you located?
  • October 03 2014
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Yes. You would want a substantial downpmt, and a good agent who will take the time to find you such a home. The caveat is alot of sellers offer finance because their home is overpriced, or they want to gouge you. You'll also want a lawyer, as some "owner-finance" deals can be risky. You want the deed in your name, and no mortgages or encumbrances on the property.
  • October 03 2014
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Absolutely, there are opportunities out there consistently. No a whole lot but enough to have a choice. Some owners who don't offer it up front are open to listen to the option as well in many different scenarios. I assist wih owner financing regularly in Port St Lucie. Let me know if you need any assistance.
  • November 25 2013
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Find a local realtor to work with. Someone who is aggressive. Unfortunately I'm on the west coast with a listing that would suit your needs (Punta Gorda).  They can scan MLS for listings that have possible owner financing. Just be sure to get an appraisal and don't get their referral, just yellow page it so you get a third party who works for you.  Make sure to get a home inspection and title insurance.  If you find an experienced Realtor to assist, they should be able to make sure your best interests are looked out for.

Claudia DeBruyn
Sandbill Realty Group
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  • November 24 2013
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Profile picture for wetdawgs
Occasionally it is possible to find owner financing, it isn't very common.   Most owners want their money out and if they will consider it they will review your qualifications extremely thoroughly.    Plan on an interest rate 3 to 4x the market rates.

Is there a reason you don't wish to get a loan in a more traditional manner?
  • November 23 2013
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