Owner Financing ?
I met an elderly woman who might be interested in selling her house to me. She does not live there. It is a four family.
She is thinking about it but of course it is part of her monthly income which she is used to getting. I thought maybe if I suggested owner financing she might be interested.
What is a good way to go about this? DO you know of any good literature I could give her.
What are the possible down falls to this?
Thanks in advance for any info, Mary Ellen
if this house is part of her monthly income, wouldn't a large chunk of cash from selling her house satisfy her?! IF she did owner finance it she oculd make substantially more than market value on her house in the long run... ( no disrespect, but if she is elderly, she may be near the end of the long run) Is the owner financing a priority for you or her?? I would like a little more info..
Mobius4
Mary Ellen,
You could approach her where she gets to have her cake and eat it too (as do you).
Have her sell to you via owner financing, construct two liens, a first to be sold at closing, and a second to be retained to maturity, now she is a LOANLORD, and gets cash up front.
You, as a buyer, will still need to qualify and have at least 600 score, or very high 500s.
Does not sound like she is motivated though, and both seller and buyer have to be motivated to make this work. Best, Dave
She seems interested but hesitant to make a decision. She may have no intentions what so ever but is just "talking' with me.
She is concerned with not receiving her monthly income which she is used to.
I dont know that much about owner financing but I heard it talked about and I thought maybe this might be something she would be interested in.
My credit is good. I dont need to do it this way just trying to think of options for her. I love the particular block she lives on and I dont think any one on it is going to budge for a while. She doesnt mind havoing periodic conversations about it and like I said we could just be "talking". That's fine with me. She is pretty interesting. We have a lot in common. I like her. What ever happens, if anything ever happens mu intent is to make it a win- win situation. Just like any other deal.
OH ya, I dont really understand the lein thing you mentioned?????????