Owner financing homes

[tobee43]

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.

as a matter of fact, from what i heard it still is! but you don't want the problems like the flooding, leech field overflow, black mold. the grounds were beautiful, but the house was a money pit, just when we thought we were done another major problem, so we were actually relieved to let it go after 33 years in it. you most likely would have loved it tho, we had bear cubs, a coyote have her liter 3 years in roll. we had red fox, wild turkey (sorry they were yummy to eat) deer, and if you loved to study ornithology our property was a treasure. the ponds we stocked with catfish and we did climb trees!

[tobee43]

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.

ours isn't junk, although one man's "junk" could be another dream, this house actually is beautiful and will be paid for within the next 36 months, although we did see tons of "junk" out there. i know we were lucky, but again, i think it depends where you are in the country and what type of inventory is available.

[HHM]

I am not saying it never works, and lease options tend to lead to higher quality.

[tobee43]

I am not saying it never works, and lease options tend to lead to higher quality.

i know you aren't. and even though it worked for me, not everyone will be as lucky as we are. and, as you know, ours was in fact, a lease option and we offered even more than the asking price, in addional to a nice down payment to entice the seller to exercise the option early. this is usually not the norm, but, the exception.

[tradinglife]

as a matter of fact, from what i heard it still is! but you don't want the problems like the flooding, leech field overflow, black mold. the grounds were beautiful, but the house was a money pit, just when we thought we were done another major problem, so we were actually relieved to let it go after 33 years in it. you most likely would have loved it tho, we had bear cubs, a coyote have her liter 3 years in roll. we had red fox, wild turkey (sorry they were yummy to eat) deer, and if you loved to study ornithology our property was a treasure. the ponds we stocked with catfish and we did climb trees!

Sounds sweet, it's a shame you had all the problems with it. Yeah the money we spent the last 15 years making payments on new tract homes we could have paid cash for a modest home in the country. Oh well, I'm 46 so I hope I have time to repair those mistakes and move forward. I am wiser now for sure!

[tobee43]

Sounds sweet, it's a shame you had all the problems with it. Yeah the money we spent the last 15 years making payments on new tract homes we could have paid cash for a modest home in the country. Oh well, I'm 46 so I hope I have time to repair those mistakes and move forward. I am wiser now for sure!

i'm certain you'll have plenty of time to start fresh! we are so happy we made the decision to surrender that ball and chain, and while i miss the gardens, i don't miss the problems at all.

[Hope2File]

We are currently in a lease option. Just like you we live in a rural area and tried the realtor route to no avail. My advice is to look for houses that have been on the market for a while and are empty. Then if you have a connection and can contact the seller directly do that....otherwise go through their agent. Sometimes realtors will ask the seller for you and even recommend it if there isn't any other activity on the property.

That being said - I don't think we will buy the house we are in. There are a lot of good deals out there, we are just biding our time until we can get financing. So be careful how much you sink into an option payment and/or make sure it is what you really want. Good luck!

[Billssuck]

My fc house is similiar to Tobee43...4,500 sq ft/10 acres...ALOT of work to maintain and expensive to live in. It's very private and nice but the $2K monthly mortgage payment was too much after my husband lost his job 5 months into our ch13. Anyway, BOA still hasn't started foreclosure and I have read that they won't until our ch13 is discharged. We only have 3 more payments...:}! So hopefully things will get rolling sooner than later after our discharge I'm estimating in June/July of this year.

What are our plans? Literally a 2 min walk to my job, a 5 min drive to my husband's new job, a 5 min drive to our son's daycare/preschool, about 1,600 sq feet house on 1/4 acre was foreclosed on and put back on the market. Anyway, a relative knowing our delimna and an upcoming need for a place to live in, is buying the house for us to rent for significantly less than what our mortgage payment used to be. What's best is that we are gonna save the extra money that we would have spent on the old mortgage in a separate bank account and in about 3 years we should have enough money to buy the house in full from our relative. We will have to scrimp for that time period again just like a ch13 bk teaches you but to have a house free and clear in a short period of time will be so awesome. I think these days/times are making us be a little more creative in our methods to obtain housing. Plus it has taught me what I really need versus what is obviously beyond our means!

[tradinglife]

Sounds sweet, so far I haven't ran into a deal like that. Still looking for a lease option while piling up cash. Leaning towards buying a mobile home and putting it on property we own, also looking into paying cash to build a basement and living in it until we qualify to get a mortgage later on.

[tobee43]

My fc house is similiar to Tobee43...4,500 sq ft/10 acres...ALOT of work to maintain and expensive to live in. It's very private and nice but the $2K monthly mortgage payment was too much after my husband lost his job 5 months into our ch13. Anyway, BOA still hasn't started foreclosure and I have read that they won't until our ch13 is discharged. We only have 3 more payments...:}! So hopefully things will get rolling sooner than later after our discharge I'm estimating in June/July of this year.

What are our plans? Literally a 2 min walk to my job, a 5 min drive to my husband's new job, a 5 min drive to our son's daycare/preschool, about 1,600 sq feet house on 1/4 acre was foreclosed on and put back on the market. Anyway, a relative knowing our delimna and an upcoming need for a place to live in, is buying the house for us to rent for significantly less than what our mortgage payment used to be. What's best is that we are gonna save the extra money that we would have spent on the old mortgage in a separate bank account and in about 3 years we should have enough money to buy the house in full from our relative. We will have to scrimp for that time period again just like a ch13 bk teaches you but to have a house free and clear in a short period of time will be so awesome. I think these days/times are making us be a little more creative in our methods to obtain housing. Plus it has taught me what I really need versus what is obviously beyond our means!

sounds so perfect! no more computing, home right after work. less to clean LOL!! great plan

[Carter]

Be careful I am in a seller held financing house with an actual company and I can't complete the contract because the contract price is $70,000 more than what the appraised value is. I am stuck and trying to find a lawyer to help me get out of the contract now. All lawyers I have talked to say they will help me with a $10,000 retainer! I'm stuck! Beware of seller held fiancing! Anyone have any advise for me on how I can get out of my seller held financing?

[tobee43]

Be careful I am in a seller held financing house with an actual company and I can't complete the contract because the contract price is $70,000 more than what the appraised value is. I am stuck and trying to find a lawyer to help me get out of the contract now. All lawyers I have talked to say they will help me with a $10,000 retainer! I'm stuck! Beware of seller held fiancing! Anyone have any advise for me on how I can get out of my seller held financing?

all that work should have been done prior to you saying anything!

and, of course we paid MORE than the assessed value to have the owner finance the house 100%, since we didn't care and why would we. the appraisal meant nothing to us personally we were just happy to have a new home. i am hard pressed to think how many homes are underwater!

one should only go into these deals with their eyes completely open and with the right objective.

best of luck to you!