Owner Hold The Mortgage?
Hello,
I am a newbie and I'm trying to do some research. I'm not sure if this is the right forum for this, if not please excuse me. I am doing research about buying an investment property. While browsing some local listings, I cam acrosss one that states: 'Owner Will Hold Mortgage'. Can someone explain what this means, or provide a link where I can read up on it? Thanks alot. This website has been very helpful.
Mike
Mike,
This means that the owner will finance the property. If the owner will finance for the entire cost, then you will not need a bank.
Sometimes, the owner will loan you the difference between what the bank will give you and the sales price to make the bank comfortable with the situation.
There are many more scenarios. These are just two. Ask the owner to clarify what they are trying to do.
JohnCl
[ Edited by JohnCl on Date 03/15/2004 ]
gates150,
Glad to meet you.
Chances are this is an investors ad you are reading. You will find most property owners do not carry the financing, whereas creative investors do.
So you will need to do a little due diligence on this one and whether you feel it is a good deal for you.
John $Cash$ Locke