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Updated almost 10 years ago on . Most recent reply
If I owner finance, does the seller...
Keep their name on the mortgage? Do you go through a closing process to transfer the title or just pay the seller monthly as agreed upon in a contract you would draft up?
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James Wise
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James Wise#5 All Forums Contributor
#5 All Forums Contributor
- Real Estate Broker
- Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
When you are looking to buy a home via owner finance you want to target homes with no mortgage on them as the sale can activate the due on sale clause.
Also look up the term "Subject to" as that has to do with the seller keeping an existing mortgage but selling you the home.