All Forum Posts by: Lynn Harrison

Oh... Each time a property sells.... I had better double check on that. I don't think the banks need to do that here, but every one else may have to.

Oops. Never mind. I got the wrong info on a realtor's site. I guess this only applies with new houses. Someone please correct me if I'm wrong.

California

If I am buying a house with seller financing which I will occupy then does the house need a Certificate of Occupancy at sale? Does the title company need it? Does a high deductible home insurance policy need it? And... if I buy without one how easy it it to get one if repairs are made to a home that does not yet qualify for one?

We are talking very small town here...

I had pictured both of walking in together to hire the lawyer. But... I don't know.

Thank you James!

Thanks, I'll check them out. Anyone else? 

Hi Jeremy, I'm on the other end looking at buying with owner financing. My feeling is that a lawyer is the best option. I've come across the same resistance from agents who want me to use their own private financing connections and I get the idea most agents aren't qualified to write such a contract especially if there are any unusual considerations.

My question to you is- Do you feel it is a good idea for both parties to use the same lawyer to write the contract and follow the deal through? That is, assuming both parties are clear on what they agree on and there is a minimum of trust or workability? Seems this might save each party 1K at minimum.

Is there? If the loan is say 30% of the value of the property? I intend to live in it. I'm in California. 

I'm very small potatoes here, and don't know the ins and outs of financing, but it seems to me the entire system is consciously built to fail right now. I wonder if some are making more money selling stocks and derivatives than making money on the physical houses themselves. And if some systems are built to feed others- one hand washes the other. I don't know enough of the terminology to describe it better. In plain English I'm wondering if the banks want the houses and not the interest right now. Or rather... the titles to the houses.

What's odd to me is that someone with cash of 50 to 70% of a property's worth cannot get a mortgage of 25K to 70K with reasonable terms and interest. Yet, OTOH, someone else who just qualifies can get a loan they may not be able to afford with 3% down.

The other thing that is odd is that it seems like all of the loans that are supposedly for working class people to buy homes that need repair forbid the owner working on the home themselves. Even if the owner follows county building permit processes, which include inspections. That really doesn't make sense for a product supposedly designed for working class people.