Posted by Ray S(FL) on March 04, 1999 at 18:21:39:
My first question is what is the fair market value of the property? Secondly, I don’t think I would try to beat him up so bad on the price if you can not qualify for a conventional loan. Is the owner so motivated that he will drop his price almost $20k and hold the mortgage?
First what are you planning on doing with it? Live there or investment? It sounds like a beautiful property. Does it need any work?
To answer your question about closing cost, you would pay upon the closing of the sale ie. when you actually bought the house. Whether buying it through conventional means or owner financing. If the seller would do a lease option then of course this is not an actual purchase. The closing would then be whenever you exercize your option.
I have located a home that I am interested in. It is a four year old home that is located in the country. The owner is interested in moving to “town”. So, I am interested in talking/convincing the owner to finance, since I can’t qualify for a mortgage. Otherwise, I thought about approaching him about a L/O…
The owner is asking 89,000 obo. It is a four bedroom with 13 acres custom built. I was thinking of offering 70,000 conditional upon owner financing. What would be the best approach to take.
Second question, when do you have to pay closing costs on an owner financed home? When final payment is payed or when I qualify for a conventional mortgage? Or would you close immediately…
why dont you do the back door approach and see what he would buy in town. see if there is any flexibility with that seller. if you cant qualify, find someone to do it for you. think creative. act like columbus going over the horizon.