Buying house from private owner, down payment + 60 mos payments????

The seller always takes a risk, which is usually reflected in the interest rate paid and the amount of the down payment. Just like the buyer, the seller is protected by the terms of the contract, and can foreclose if the buyer does not meet his obligations. This holds true whether the mortgage is provided by an individual or a financial institution.

 

The Beeb's memory is infinite....

 

So it wasn’t only me. It cracked me up.

 

I have the $25k , no loan.

 

We’re actually in the same town unless you moved.......

i had forgotten that you were an attorney.

i’ll be in touch. Thanks!

 

As far as the replies about going to the bank.....id like to leave that option available for building that 40x60 garage on the property......or boat.....or 50 acres next to my buddies land near red river gorge in ky.....or a toyhauler....or a new rsv4......or 1260 ms.....etc

 

And still no mention of the air fence fund payment. . . or will it be after closing?

 

If it's of grave concern, wait until after closing and obtain a judgement. It will attach to the property.

 

So if they would not do it you are likely over leveraged or upside down...... and weren't you the person that was debt free? Now talking about keeping credit free so you can go deeply in debt?

 

One loan does not preclude another. And of all the things I’d be looking to pay cash for, I’d sort in ascending value and start from the top.

 

You know he meant 77 thousand you pedant.



Personally I wouldn’t do the owner financed thing. Rates are low I’d rather just pay the cost of the interest than deal with some “special” situation just to save a few grand. Get a mortgage and just pay the dude.

 

77 thousand PLUS the air fence fund bet. Was it $50?

 

I don't know about Ohio, but most states have a standard real estate contract produced by the bar association specific to that state. Get one of these and fill it out. Then you will have to have an attorney draw up the mortgage for you as described. This kind of thing happens all the time. There are a few pitfalls, but IMO these kind of situations are few and far between and you should take this opportunity if your current life situation allows.

A good real estate attorney that usually handles real estate closings will be the best bet. They will be able to refer you to homeowners insurance agents, set up your title insurance policy, and make sure the closing goes smoothly.

Many people say "I've been meaning to buy this house as soon as......." 5 or 10 or even 20 years down the road, you will be way better off financially.

 

How long ago was the bet? He should pay interest on that shit.

 

The part about not wanting to have a mortgage so you can qualify for other loans won't check out. Bank is going to ask what your housing expenses are either way. Would take them about a minute on the internet to see there is a lien on your house.

 

Point of information. Seventy-seven dollars. Not seventy-seven thousand dollars. As stated. Ah, whatever.

 

Some say mine is paid for

 

Get a conventional mortgage . The rate charged at banks will be less than owner financing a balloon loan in most instances.
But most importantly ( IMHO) is the word Forbearance... if for any reason you run into a unforeseen scenario like injury , job loss , etc.. your chances of a loan company working with you are much higher than an individual holding the paper on your transaction.
I would also go with a longer term loan for all of the above reasons , make double payments . Interest is charged monthly is on the declining principal balance.

 

The OP indicated 77k but who knows the OP assumes debts and bets and eventually ignores them anyway, so it’s anyone’s guess


Edit - I stand corrected. $77