|Posted by: Cindy Jun 19 2004, 10:27 AM
|We are looking at owner-financing for a home. Due to our credit scores and lack of cash for closing costs, etc., the owner is willing to “owner-finance” for us. Since they are the owners of the real estate company that has it listed in the MLS, (and they know all the ins and outs and we don’t) I want to know what to look out for, etc. Any advice or suggestions?
|Posted by: loanuniverse Jun 20 2004, 10:19 AM
|The first thing I would be concerned about would be the sales price. A lot of times the fact that the seller is offering financing is used as a way to obtain a “higher than market price”. You could probably protect yourself in this situation by getting an independent appraisal and making the purchase subject to getting a satisfactory appraisal.
You might also want to make sure that the interest rate is competitive.
Frankly, the most important thing you could do is to get an attorney to represent you, but do not lose sight of the pricing.