Posted by James Harris on July 29, 2009 at 22:43:03:
David, If the owner is selling you his property via “subject to”. In other words, you just give them a down payment thene start making thier payments… You willnot have to get another loan. The seller is acting as the bank.
Owner finance - Posted by Dmac
Posted by Dmac on July 27, 2009 at 13:19:39:
I?m looking at an owner finance deal on a duplex. The owner owes 80k on the property. They are willing to sell the property to me with a down payment and take over making their payments. I will pay their note. My question is how can I safely do this without getting a new loan. The property will cash flow my concern is that I make the payments for 5 or 10 years and the original owner tries to reclaim ownership. Please Help.
They have 2 available should I do both?
David in Texas