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how do you feel about owner finance

I own property and need to sell. I tried to rent but there is no market.
I have someone who is willing to buy with owner finance.
Is this advisable
  • April 06 2009 - Boca Raton
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Answers (4)

Check their credit report before any consideration.

I'm a Coldwell Banker agent located on Glades Rd.

Please contact me with any questions you might have.

Sincerely,
Eleonora

  • January 12 2010
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Profile picture for xx123
anyone out there seeking owner financing has some dark secrets that they think they can hide. If a lender ( even a local hard money lender ) will not finance them what makes you think that they will pay you what they owe. Are you willing to write off a destroyed house that was used as a meth lab ? 
  • April 19 2009
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I know people who have built quite lucrative careers by offering owner financing.  But they deal with paid-off properties.  Do you still have a mortgage?  If so, you may have some complex legal requirements based on your contract with your lender.  Check that.  Then consider. what does putting yourself between the buyer and the lender mean?  If the buyer defaults are you prepared to continue to carry the note?  Are you prepared to repossess?  Ken Kopper's advice is critical: why is the buyer not taking the traditional financing route?  You have a lot of research to do.  Get a good Real Estate lawyer involved.  And don't sign anything until you understand and are willing to accept the potential consequences of this action. 
  • April 07 2009
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Profile picture for Ken Kopper
I would suggest finding out why they can not qualify for traditional financing at the moment and more importantly, how long would you be required to hold the note until they could purchase outright. If you have a trusted mortgage professional that you know, I would refer the buyer to them for a look at the credit and credit issues.
  • April 06 2009
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