Owner financing homes

[pruning]

My husband and I want to explore purchasing a house with owner financing. Does anyone know of any good websites to find such properties? TIA for replies!

[tobee43]

we have one, however we sought a few brokers in the area we were looking out to help us find our house.

we did do a lease option to buy and then exercised the option early and offered the owner a larger sum of the asking price, came down with a handsome down payment and he held the rest of the mortgage @5% 30 year payout. however, we will have this house paid off we hope in 36 months..48 tops. and NO it's not a 500k house, it's house not of my personal dreams, but one we can afford forever on our income

i would start Realtors in the areas you are looking to purchase. it took us a bit of time, but we found just the right situation.

[tobee43]

oh!!! and so sorry where are my manners!!

welcome to the board pruning!!

[pruning]

Thank you for the welcome and thank you for your insight! Anyone else have any tips?

[tradinglife]

So far the only only financing houses we have found are junk, rental type in bad neighborhoods or serious structure problems. We look everyday, search newspapers, internet, have ads on craigslist. We even call or put flyers in mailboxes of homes we are interested in. I guess I am too impatient, I still think we will eventually find one we can lease to own. But they sure aren't on every corner like some posters lead you to believe. Realtors haven't been any help so far, I assume leasing the home would not give them any commission, so I am sure they would only suggest that to a client as a last resort, if then......

[Flamingo]

If you search "Owner Financed Homes" you get a ton of information. Just be careful and always do your homework before signing anything. Best of luck to you!

[tobee43]

trading we did a lease option to buy. this home was basically new and lived in very little. the house was in excellent condition, the pool as well. although we saw others that were in terrible condition, here in florida the inventory is vasts and many are attemting to haul when they can. we just lucked out the owner of this house lived out of the country and was happy to have what he considered the burden lifted for him.

as flamingo says, just be extremely careful and follow the advise of always doing your homework. it will work out!

[tradinglife]

Thanks for tyhe info guys! Yeah wish we lived in Florida or Vegas or somewhere that has tons of inventory. We live in a rural area in midwest, not as many opportunities here.

[tobee43]

Thanks for tyhe info guys! Yeah wish we lived in Florida or Vegas or somewhere that has tons of inventory. We live in a rural area in midwest, not as many opportunities here.

have you considered relocation. we did, that was the only way we could afford to live anymore. i can understand why many can't because they have their jobs intact. for us both lossing our jobs, moving was not only an option, but a necessity. we were also lucky since one of us as a good pension, and ss, and at the time unemployment insurance. so we were and are luckier than many.

best of luck to you and i hope you find something soon!

[tradinglife]

Actually if we don't find something this year, we are considering buying a cheap mobile home and putting it on 5 acres of property we own in the country, 30 minutes from work. And then build a home slowly on the same site later.

[tobee43]

Actually if we don't find something this year, we are considering buying a cheap mobile home and putting it on 5 acres of property we own in the country, 30 minutes from work. And then build a home slowly on the same site later.

now that's a GREAT plan!!!

[tradinglife]

Yep, my new dream is to have a modest home with a wood stove on this 5 acres in the woods, have a big garden, no neighbors but widlife! Working on my own business from home, hope within 5 years to leave my job, and work from home. Throw my sell phone way and only go to town once a week, man that would be sweet! Years of high stress high paying jobs, debt, collectors, difficult clients, I really don't like to be around people anymore except my family. I guess my dream is to become a hermit in the woods, lol! A far cry from the cul de sac living yuppie driving a $40,000 suv I used to be! Looking back bankruptcy helped me to see what's important in life, it's not stuff!

[tobee43]

Yep, my new dream is to have a modest home with a wood stove on this 5 acres in the woods, have a big garden, no neighbors but widlife! Working on my own business from home, hope within 5 years to leave my job, and work from home. Throw my sell phone way and only go to town once a week, man that would be sweet! Years of high stress high paying jobs, debt, collectors, difficult clients, I really don't like to be around people anymore except my family. I guess my dream is to become a hermit in the woods, lol! A far cry from the cul de sac living yuppie driving a $40,000 suv I used to be! Looking back bankruptcy helped me to see what's important in life, it's not stuff!

well be careful what you wish for! you're little dream sounds like our old house except for the 4500sq monster home nestled in the woods and around huge gardens..LOL!! had to get up every morning at 4 am just to keep them watered. i miss my trees and did donate most all my rare trees to the states botanical gardens, i can't have them here in florida

we are really happy with 2k square feet of easy living. i hardscaped the entire back yard so there will be no watering LOL!!! we LOVE seeing neighbors, something we never had for 33 years, actually more. (my first house we had to bring groceries up by sled in the winter, now that was fun!). we are too old for all the fun in the woods now we had wood stoves that had built in tanks of water that piped and circulated into the base boards so for many years we were oil free. but as we got older the stoves had to go, too much mess and to hard to go out and dig the wood out of the snow and stack it!! i took them all out, and was i sorry, it was costing us $600 alone in just heating cost monthly. should have kept the stoves.

[tradinglife]

well be careful what you wish for! you're little dream sounds like our old house except for the 4500sq monster home nestled in the woods and around huge gardens..LOL!! had to get up every morning at 4 am just to keep them watered. i miss my trees and did donate most all my rare trees to the states botanical gardens, i can't have them here in florida

we are really happy with 2k square feet of easy living. i hardscaped the entire back yard so there will be no watering LOL!!! we LOVE seeing neighbors, something we never had for 33 years, actually more. (my first house we had to bring groceries up by sled in the winter, now that was fun!). we are too old for all the fun in the woods now we had wood stoves that had built in tanks of water that piped and circulated into the base boards so for many years we were oil free. but as we got older the stoves had to go, too much mess and to hard to go out and dig the wood out of the snow and stack it!! i took them all out, and was i sorry, it was costing us $600 alone in just heating cost monthly. should have kept the stoves.

Man, is your old house still available? It sounds perfect, lol! You may be right! My wife and I both came rural areas, I grew up on a 15 acre mini farm, the wife on 100 acres. So I know it's not all fun and games. Our first house had a woodburner and I actually enjoyed cutting wood. Anyway I think the benefits will far outway the negatives. Yeard of living in subdivisions with homeowners fees and snotty neighbors has just made both of us weary of that lifestyle. I also believe this will allow our kids to get off video games and learn about nature. Myabe climb a tree, catch a fish, shoot a gun, the stuff i was exposed to when I was a kid.

[HHM]

Nothing particularly wrong with owner financing, but it does seriously limit your options. As you have found, most homes that offered as owner financed are junk. Lease option is not a bad alternative, but risky...if the owner defaults on the mortgage, you lose the option.