This option is without a doubt, at least in my mind, a last resort. However, that being said, there are times when this is the only viable option. One example would be a mobile home built prior to 1978 that won't qualify for a FHA or conventional loan. I do have a word of warning for any sellers out there considering an owner carry loan. Usually the buyers are interested in this option because the bank is unwilling to loan them the money, and the reasons for this can vary from bad/insufficient credit to criminal history. My advice to you is seller BEWARE!
REALTOR® Magazine-Daily News-5 Steps to Financing a Sale
No comments:
Post a Comment