Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Is owner financing a good idea for buying a house? - Since our bankruptcy was discharged about a year ago, we have a lot of money and income, ust no credit to get a conventional loan.We would not be going above our means in buying a house, and I was wondering if purchasing with owner financing is a good idea. I know I should make sure the seller owns the house free and clear, but even if they do I realize there is some risk.
Wouldn't it be pretty bad for the seller if I moved in and just didn't pay? I mean, would it take like a year to foreclose like the banks have been doing lately? Just seems like a huge risk for a seller. Then again, it might just be the same as evicting a tenant that is just renting, I don't know, just curious there.
Anyway, how are the contracts typically drawn up? And is just any ol local attorney good enough to help with the contract? A real estate attorney that is.
I have read that some have a balloon payment after like 5 year, in which case by then we would just get a conventional loan to pay the rest.
Just wondering if anyone has done this, or know the best way to go about doing it. The city we want to live in ahs NOTHING good to rent, and since we can't buy conventionally for a while, this seems like an option. -
