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? Owner Financing?


ebjr
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So I'm in exploring the possibility of buying a house here and have been looking at options. I'm still not clear on the mortgage options and for that I have a couple appointments starting tomorrow with various banks. I have no clue of what my budget is or how to estimate my monthly payment. But, that's a topic for another day.

 

As I've browsed through several websites I've seen some homes that state "owner financing" available. I've contacted a could sellers and have received different info as well some very odd explanations from "realtors".

 

Has anyone here ventured in to this for purchasing a home? One seller said that his home is in a SA which supposedly makes it easier to do this. No idea what that's supposed to mean.

 

Any insight from experience would be appreciated.

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I am offeering owner financing on my house as well. I would think you go to an attorney have him draw up all the paper work and register it in the municipality. Should not be difficult. Not sure what the interest rate is on banks but I am offering a lot less I am sure.

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I just closed a day yesterday with owner financing involved. The process was actually pretty easy. the attorney handles the paperwork, deed, mortgage and all of that gets recorded in the registry along with the terms of the loan. The owner, for example, financed with 60k down from my buyers, 100k was the balance payable over 3 years at 7% interest. Owner financing can vary from owner to owner and developer to developer... Good luck.

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