Selling a property - owner financing

[enuf]

If he can’t get a loan because a bank doesn’t trust him then why should you trust him?

unless he has a credit score of 0 because he is not a borrower of money and generally a cash buyer - then he is "likely" solid.

 

[dennishoddy]

unless he has a credit score of 0 because he is not a borrower of money and generally a cash buyer - then he is "likely" solid.

In Oklahoma currently there are a lot of properties being bought with cash. The Chinese government has lots of it.

 

[PanhandleGlocker]

unless he has a credit score of 0 because he is not a borrower of money and generally a cash buyer - then he is "likely" solid.

If a borrower has a 0 credit score because he lives like Dave Ramsey then lenders can do manual underwriting to determine if a borrower is good to go.

 

[dennishoddy]

If a borrower has a 0 credit score because he lives like Dave Ramsey then lenders can do manual underwriting to determine if a borrower is good to go.

I do know that when you escape from credit like we did 15 or so years ago, your credit score suffers. Businesses now look at that score to see what they can charge you from real estate to vehicles. so when one is solvent, it costs more to purchase vs one that is depressed by payments into credit.
We now buy something on credit, make two or so payments, and pay it off.
Credit score goes to the moon!
Crazy how that works.

 

[Louro]

Lots of banks won't finance bare property no matter what your credit score is. Found that out when we bought this place. We were lucky and had a friend with the bucks to finance it for us

That is a real good friend, you are blessed.

 

[montesa]

In Oklahoma currently there are a lot of properties being bought with cash. The Chinese government has lots of it.

Maybe they’ll buy my place for lots of cash.

 

[swampratt]

I have sold houses on a rent to own deal.
No attorneys.
I never had any issues. Maybe I am lucky.
I got 6500 down and 10% until the property was paid.I kept the insurance and taxes in my name and when they paid off the property
we went to the court house and filed a Quit Claim Deed and I put the property in their name.

I have no idea on the trailer house deal with the trailer house people getting your property if the house is not paid.
I would think with a property in your name and not in the trailer house buyers name they could not touch your property.
You have no legal contract with the seller of the house.

 

[Fredkrueger100]

Did it from the other side. Put every penny I could beg or borrow into it, and then Uncle Sam sent me elsewhere six months into what was supposed to be a 2 year controlled tour. Chopped off my quarters allowance, and cost me the property, and everything I'd invested in it. The landowner/seller got it back with my improvements; power pole, well & well house, driveway, etc. It was a good deal for him. I had to have the mobile home dragged off his property, and moved into town, and eventually sold for what I owed on it, too. Took me years to pay off my Grandma, and the USAF, who decided they'd overpaid me on the moving allowance to the place. That was to be my retirement home, but it was not to be, blast it! It was 7 acres in NW Florida for $7K, back in 1986. Probably couldn't touch it for 10 times that now.

If it makes you feel any better my grandpa had about 60 acres south of Tecumseh that he sold for basically nothing back in the 80’s. If he were still alive I would slap his face for doing something so dumb. But man I feel for you on that deal.

 

[Fredkrueger100]

I have sold houses on a rent to own deal.
No attorneys.
I never had any issues. Maybe I am lucky.
I got 6500 down and 10% until the property was paid.I kept the insurance and taxes in my name and when they paid off the property
we went to the court house and filed a Quit Claim Deed and I put the property in their name.

I have no idea on the trailer house deal with the trailer house people getting your property if the house is not paid.
I would think with a property in your name and not in the trailer house buyers name they could not touch your property.
You have no legal contract with the seller of the house.

I would think that whoever owned the trailer would just come and repossess it.

 

[Raido Free America]

Did it from the other side. Put every penny I could beg or borrow into it, and then Uncle Sam sent me elsewhere six months into what was supposed to be a 2 year controlled tour. Chopped off my quarters allowance, and cost me the property, and everything I'd invested in it. The landowner/seller got it back with my improvements; power pole, well & well house, driveway, etc. It was a good deal for him. I had to have the mobile home dragged off his property, and moved into town, and eventually sold for what I owed on it, too. Took me years to pay off my Grandma, and the USAF, who decided they'd overpaid me on the moving allowance to the place. That was to be my retirement home, but it was not to be, blast it! It was 7 acres in NW Florida for $7K, back in 1986. Probably couldn't touch it for 10 times that now.

Find a lawyer you can trust, if possible, have this done properly!