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Owner's financing

Started by highend00
almost 16 years ago
Posts: 85
Member since: Oct 2009
Discussion about
I was looking at one apartment and the broker told me that owner's financing is available. I would prefer dealing with the bank, not an individual, but I was wondering if there is any advantage with owner's financing. the only one that I can see is that he would give me financing for sure, I don't know about a bank.
Response by dwell
almost 16 years ago
Posts: 2341
Member since: Jul 2008

high,

There is good & bad with owner financing, it depends on the specific terms of the deal. Generally, we see owner financing when owner finds it difficult to sell a property &/or buyer has difficulty getting a mtg. You should ask the broker & yourself why seller is offering financing.

This may help you: http://www.google.com/search?q=pitfalls%20of%20owner%20financing&ie=utf-8&oe=utf-8

If you decide to do owner financing, make sure your lawyer is an experienced real estate lawyer who will put terms & conditions in the documents to protect you.

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