All Forum Posts by: Sean Martin

I'm using Lending Home for this purpose. They are giving me one for my rental. They only makes loans for rentals, not primaries. They only do business in about 29 states though, so you would have to check. There's some other similar ones out there too. 

I am currently using a company called Lending Home and I like them a lot so far. Seems like a similar deal. Although, my appraisal was only $560. 

So, I’ve recently heard mixed things on this. That after the financial crisis they restricted the buying using seller financing for primary residences to avoid people bypassing the banks. And I’ve heard that it is still legal from others. Anyone know anything about this and what the current rules are? Thanks! 

Thanks Olivia! It makes sense.

Joseph- I would be putting down probably about $10-20k and finance the rest. 

Also, I know there were talks after 2008 about not allowing seller financing for primary residences. Does anyone know if that's the case? If not, it's possible I would like to try and finance a future primary residence this way as well.

I'm also now thinking the best way to do this might be driving for dollars and looking to talk to seller's who don't currently have their homes listed on the market. Would love to get some insight. 

Hello,

I do not approve for conventional financing currently and the best current option for me is looking for seller financing. I know that this is very tough in a seller's market, and several real estate agents have confirmed that much. It seems like it is something you need to aggressively search out. Would it make sense to call the seller's agent on online listings and inquire about whether the seller would think of financing? The realtors I've talked with don't really want to get caught up with all that, I think, because I'm looking at a low price point and it would be a ton of work for them with no pay and only a slight chance at a future sale, again for a low priced house. 

But I'm sure if I called the seller's agents myself and got a few leads they may be personally more invested in negotiating for me if I did the initial leg work? Thanks!

- Sean