About: I am a trained professional working with Real Estate Marketplace NW, Inc, the largest, most active real estate company servicing North Spokane and Southern Pend Oreille and Stevens Counties, Washington.
Hi. Owner financed homes fall into several categories.
First is the circumstance where the owner does not want the maintenance etc hassels of the home, would like to get a good interest stream so they owner finance.
Second is the house that is in lousy condition or a two or three times moved mfg home or some other factor that makes it impossible to finance. This means when it is time for you to finance out, regardless of your capability, the system will not finance the HOUSE. In this circumstance, can you fix the discrepancies so the house will be financeable?
Finally, there are owners who have a home that is now worth much less than they paid for it and they can not sell it. These homes are more often than not still financed and for the owner to sell it, he has to pay off the loan. The way around it is a lease/purchase which keeps this legal. In this circumstance, there will normally be a large, non-refundable downpayment and a short term payoff requirement.
Regarding issues concerning yourself. These deals often require the buyer to undergo a criminal/credit check. If you anticipate any problems in these areas, it is best to go in with a relation of any pertinent facts right up front so you and the seller do not waste a lot of time dancing if you have a poison pill that will probably kill the deal. Does not mean either of these issues are killers. I have done deals w/ both areas being issues but laying them out on the table upfront seems to defuse the potency of the problems. This is especially true when there are serious mitigating factors.
RE the 0 credit. Does that mean you have lousy credit or no credit? They are different. If you have no credit, there may be ways to work around that by establishing alternative credit. If you have a good down, a good income stream (job, annuities or something that creates stable, regular income) it might be possible to work around the zero credit and get financing right up front which opens up a significantly more housing opportunities.
Finally, w/ 30 percent down, you are in good shape to take a run at this. This is a time when there are a lot of this sort of opportunity out there. Feel free to contact me if you want help in pursuing this (I live in the N Spokane area). It is not a fast process because you have a fairly specific list of requirements but it should be possible to do.
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