Buyer’s Benefits of Seller Financing
Buyers benefit from seller financing in several ways.
1. They may be able to buy a home they can’t qualify for with conventional financing.
2. They may be able to negotiate better terms such as lower payments or a smaller down payments.
3. They may be able to position themselves to add substantial value by fixing up or renovating.
{ 4 comments… read them below or add one }
when under owner financing, does the owner have the right to come on owner financed property uninvited when there are NO TRESSPASSING signs up? And payments are current. what are my rights concerning my buying from a land owner.
If I own a piece of property and sell it to you, as of the date of closing, you are the owner. I no longer have any ownership rights in the property. If I provided financing, I have some contractual rights with terms and procedures which are detailed in the note and mortgage as well as applicable laws. But I am no longer the owner.
I am not a lawyer and can’t offer legal advice. I do know investors who had sold property with owner financing who drove by their former house every morning and could see it being destroyed by the new owners. Their conviction was they had to go to court and get the judges permission before they could do anything about it.
i bought a house 3 1/2 years ago seller financed. we setup trust with me being 99 percent owner. my problem is seller and i agreed on 20 year loan but i now find out seller has 30 year loan with bank and owes bank $5,000 more than i owe seller. when i bought house seller represented they worked for major real estate company and gave me there business card. i found out real estate compant fired this person for doing these type of transactions.
what recourse if any do i have???? help
re p kent
It’s time to lawyer up! You need your own hired gun ASAP.