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24 August 2022 | 10 replies
Still, there are disadvantages that may prevent a buyer or seller from signing on for owner financing.Advantages for BuyersCan provide access to financing that a borrower may not otherwise have qualified forEnables buyers to finance homes that don’t qualify for conventional financingLets buyers and sellers shorten the due diligence period for quicker closingReduces the cost of closing by eliminating appraisal costs, bank fees and—if the buyer so chooses—inspection costsEliminates down payment minimums imposed for government-backed mortgagesAdvantages for SellersAllows owners to sell their property as-is, without having to meet a lender’s appraisal requirementsPresents an investment opportunity with better returns than most traditional investmentsShortens the selling process by reducing due diligence requirements and eliminating the lending processStill offers the ability to sell the promissory note to an investor for an up-front paymentLets sellers retain title to their home—as well as money paid toward the mortgage—if the buyer defaultsDisadvantages for BuyersOften involves higher interest rates than a traditional mortgageMay require borrowers to make a balloon payment at the end of the loan termDepending on the borrower’s creditworthiness, the seller may not be willing to provide owner financingSeller’s mortgage may include a due-on-sale clause that requires them to pay off the mortgage upon selling the house, thus precluding them from offering owner financingDisadvantages for SellersExposes sellers to the risk of non-payment, subsequent default and—in some cases—a need to initiate the foreclosure processPuts seller on the hook for repairs and other consequences of deferred maintenance if the borrower defaultsFederal law may preclude sellers from offering owner financing, limit balloon payments and require the parties to involve a mortgage loan originator.All the best!
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20 October 2015 | 6 replies
In other words, are you required to file again every time you bring an issuer to market or do the subsequent issuers you bring to market undergo an "easier" process?
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27 April 2019 | 119 replies
Both myself and one of the contractors took some of the things back to our homes and subsequently had trouble with the demons.
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31 May 2009 | 16 replies
The court shall order each parcel to be sold pursuant to Chapter 5723. of the Revised Code, without appraisal, for not less than the lesser of the following:(1) The fair market value of the parcel, as determined by the county auditor and as specified in the delinquent vacant land tax certificate or master list of delinquent vacant tracts, plus the costs incurred in the foreclosure and forfeiture proceeding;(2) The total amount of the finding entered by the court, including all taxes, assessments, charges, penalties, and interest payable subsequent to the delivery to the county prosecuting attorney of the delinquent vacant land tax certificate or master list of delinquent vacant tracts and prior to the transfer of the deed of the parcel to the purchaser following confirmation of sale, plus the costs incurred in the foreclosure and forfeiture proceeding.
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25 September 2018 | 48 replies
I had many of the same clients as she did.. the stuff they bought from us in Oregon did not crater like that.. many of these same clients lost their PHX investments to the bank.. you cant fix 4 plexs that are 100% vacant.. most investors don't have the reserves to ride out that calamity..
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5 April 2015 | 16 replies
If that doesn't work, and money really isn't an issue, I'd check with the DMV about abandoning the home/title so that you're not on the hook for lot rent in subsequent months.
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25 September 2016 | 3 replies
Keep in mind that the VA funding fee is increased a good bit on your subsequent purchases (after the first one).
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19 January 2017 | 20 replies
We subsequently purchased an additional large complex 20+ units in the same area (maybe .5 miles away).
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21 December 2020 | 11 replies
I even relayed to the neighbor that if the issue persisted that the tenant would have to call Animal Control and he would be issued first a warning and then fines for subsequent issues.
15 May 2018 | 3 replies
Now, if you used to live there and then rented it out in subsequent years, it's a mixed-use property, which means there's some math involved with how much gain you can shelter, so you'd need to speak to a reliable CPA about specifics.