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Owner financing
Posted on 9/27/14 at 8:58 pm
Posted on 9/27/14 at 8:58 pm
Is this even possible if you still owe a significant amount on you mortgage?
We have a home, currently rented, listed for sale and was approached by a property management company about the possibility of owner financing.
We have not had much interest, I think mainly because our real estate agent overpriced it.
I am not sure our mortgage company would go for it.
If possible, does it make sense to do owner finance?
We have a home, currently rented, listed for sale and was approached by a property management company about the possibility of owner financing.
We have not had much interest, I think mainly because our real estate agent overpriced it.
I am not sure our mortgage company would go for it.
If possible, does it make sense to do owner finance?
3
Posted on 9/28/14 at 9:48 am to geauxtigers8482
Yes, it's probably possible. But you may have to do a contract for deed or other creative technique.
Why did your agent overprice it? After a house has been on the market, it tends to get stale. May want to relist it and start the days on the market counter over.
And, no your mortgage company would not like it if they found out.
Why did your agent overprice it? After a house has been on the market, it tends to get stale. May want to relist it and start the days on the market counter over.
And, no your mortgage company would not like it if they found out.
Posted on 9/28/14 at 2:02 pm to geauxtigers8482
Theres most likely a due on sale clause on your mortgage, if the bill is being paid, the bank may not enforce, if theres equity they may call the mortgage due. If you owner finance a primary residence you need pay attention to the new dodd frank BS. If this is the only one you do and have no intention of doing more than 1 in a year theres not much you have to do. I would strongly advise using a qualified attorney to make sure you do this right. You can still do Lease options too
Posted on 9/30/14 at 10:39 pm to geauxtigers8482
Why would you keep a mortgage and then loan someone else the money? I'm confused. I don't see how this would work for you. Seems like you would have to have a second behind the bank and I doubt they would like that.
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