For Sale By Owner? Owner Financing..

[Capricious]

["... have found quite a few lots in the area in our price range, but no owner financing...."




The problem is that the owner cannot finance if he/she owes money on it,
and most people owe money. There is usually a due-on-sale clause
in the existing financing.

One will often see real estate offered for sale on a land contract or
contract for deed arrangement in an attempt to offer owner
finance while cicumventing the due-on-sale clause.

Personally, I would not purchase under that arrangement.


Capricious

 

[Ari Silverstein]

Make sure it is not a deal where if you default they keep your money and the land.

One of Papa Scooterbug's hunting buddies has "sold" his land several times but still owns it because of those.

Anyone that has land that I am allowed to keep when I default on the payments, please immediately PM me.

 

[scooterbug44]

The person I was addressing that post to understood what I meant.

Was a warning about getting hurt by a hinky deal - though phrasing was off.