 Buying on contract (by Ned [AL]) Jul 14, 2019 12:20 AM
 Buying on contract (by Robert J [CA]) Jul 14, 2019 2:29 AM
Buying on contract (by Roy [AL]) Jul 14, 2019 7:45 AM
Buying on contract (by razorback_tim [AR]) Jul 14, 2019 7:56 AM
Buying on contract (by Ken [NY]) Jul 14, 2019 9:01 AM
Buying on contract (by ned [AL]) Jul 14, 2019 9:04 AM
Buying on contract (by Ned [AL]) Posted on: Jul 14, 2019 12:20 AM
Message:
Thinking about making offer to buy home from someone that I do not beleive currently has any lien against it.
I want to offer them $10k down and 500/mo for 3 years.
Wondering how can make sure they don't encumber the deed in that 3 year period until I pay them all of it?
(I am bankable no prob...just trying to save a few bucks interest/appraisal/closing fees since I believe they are open to owner financing.)
--70.92.xx.xx |
Buying on contract (by Robert J [CA]) Posted on: Jul 14, 2019 2:29 AM
Message:
Instead let them sell you the property and carry back the mortgage. You can buy title insurance and control ownership from day one... --47.156.xx.xx |
Buying on contract (by Roy [AL]) Posted on: Jul 14, 2019 7:45 AM
Message:
Ned,
I did something similar in 2009. I had my attorney do a title search and create a Promissory Note that explained the details of this transaction. I put down 20% cash, received a Warranty Deed up front and made my monthly payments on-time according to the Note. I had a Note that was amortized over 20 years, however, I got a huge discount when I paid the seller off early after 5 years. I still have this house (cash cow) in my inventory today.
I highly recommend getting a RE attorney involved and have him/her draw up the papers.
--68.63.xxx.xxx |
Buying on contract (by razorback_tim [AR]) Posted on: Jul 14, 2019 7:56 AM
Message:
When you are buying via owner carry you want a note and mortgage rather than a contract for deed. --107.77.xxx.xx |
Buying on contract (by Ken [NY]) Posted on: Jul 14, 2019 9:01 AM
Message:
Get the deed in your name or don't do the deal --72.231.xxx.xxx |
Buying on contract (by ned [AL]) Posted on: Jul 14, 2019 9:04 AM
Message:
Got it. Thank ya'll for pointing out the (now) obvious. I appreciate it! --70.92.xx.xx |
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