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  1. #1
    Plinker J Galt's Avatar

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    source for Owner Financed Homes

    I'm in the market for an owner financed home. Is there a web site that lists owner financed homes?

    I've tried a couple that suckered me. I need a site that isn't misrepresenting itself.

    Thanks in advance!

  2. #2
    Master spec4's Avatar

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    Some pitfalls in that. Why, in this rate environment, would this be attractive?

  3. #3
    Grandmaster Cameramonkey's Avatar

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    Quote Originally Posted by spec4 View Post
    Some pitfalls in that. Why, in this rate environment, would this be attractive?
    Maybe y credit that prevents someone from qualifying for good bank rates? (or any at all)
    (no offense to OP intended)
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    also, where do we sign up to touch Frank's equipment?

  4. #4
    Shooter

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    It's such an obscure thing, there's bound to be scams.

    Plus, why would any one person take on the headache and risk of being a mortgagee for a paltry 3%-5%?

  5. #5
    User Unknown

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    Quote Originally Posted by JettaKnight View Post
    It's such an obscure thing, there's bound to be scams.

    Plus, why would any one person take on the headache and risk of being a mortgagee for a paltry 3%-5%?
    Because the “mortgagee”, in that case, may have:
    —Significant RE Asset base, but doesn’t want to rent it.
    —Wants better return than leaving their cash in a Bank, etc., but likes the security of RE investments relative to other options like the stock market.
    —Doesn’t want to face a giant taxable capital gain in one tax year.

    —And you don’t charge 5% interest on a contract...
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  6. #6
    I still care....Really
    churchmouse's Avatar

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    Quote Originally Posted by natdscott View Post
    Because the “mortgagee”, in that case, may have:
    —Significant RE Asset base, but doesn’t want to rent it.
    —Wants better return than leaving their cash in a Bank, etc., but likes the security of RE investments relative to other options like the stock market.
    —Doesn’t want to face a giant taxable capital gain in one tax year.

    —And you don’t charge 5% interest on a contract...
    Bingo.
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  7. #7
    Plinker J Galt's Avatar

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    Quote Originally Posted by natdscott View Post
    Because the “mortgagee”, in that case, may have:
    —Significant RE Asset base, but doesn’t want to rent it.
    —Wants better return than leaving their cash in a Bank, etc., but likes the security of RE investments relative to other options like the stock market.
    —Doesn’t want to face a giant taxable capital gain in one tax year.

    —And you don’t charge 5% interest on a contract...
    You sound like an experienced banker.

  8. #8
    Grandmaster snorko's Avatar

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    Quote Originally Posted by natdscott View Post
    Because the “mortgagee”, in that case, may have:
    —Significant RE Asset base, but doesn’t want to rent it.
    —Wants better return than leaving their cash in a Bank, etc., but likes the security of RE investments relative to other options like the stock market.
    —Doesn’t want to face a giant taxable capital gain in one tax year.

    —And you don’t charge 5% interest on a contract...
    All good points from the seller's perspective, but most folks above were more stymied by the buyer's motivation.

    I bought my first house, duplex actually, on contract. It had been listed with a realtor but the seller wanted to defer the bulk of the proceeds for 5 years when his son would be entering college. Also was in 1993 so rates were higher.

    I am not aware of any collective source for listings like that. Most sellers want out now. Contacting a broker may be one source.
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  9. #9
    User Unknown

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    Quote Originally Posted by J Galt View Post
    You sound like an experienced banker.
    Some, yes, but I try to be one that listens to older types and thinks through what they took the time to say. Magnifies a guy’s experience without all the hard knocks...and hard knocks in this business are best avoided whenever possible.
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  10. #10
    User Unknown

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    Quote Originally Posted by snorko View Post
    All good points from the seller's perspective, but most folks above were more stymied by the buyer's motivation.
    Same as the seller, there are many good reasons for that thought process, and some bad ones.

    That being said, the guy asked for info on where to find one, not why, or how.

    I merely responded to Jetta.

    The OP did not offer his reasons, and it is not my place (well, not here anyway) to ask that of him.

    Honestly, most of the residential contract sales I’ve worked around were done due to a Buyer’s lack of liquidity for down payment for conventional financing, or a non-arm’s-length deal (family), and only more rarely because you had a Seller with specific financial motivations that went seeking a Buyer that checked those boxes.

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