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Owner Financed home- but have my own financing

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rideswithchrist1
New Contributor

Owner Financed home- but have my own financing

I am using the USDA Direct Financing, but there is a home we have been watching that just came back on the market- it was a Foreclosure with foundation issues. And investor bought it and repaired it (flipped) and they put it back on the market as OWNER FIANANCED. 

They are asking 145K which is our price range- BUT they want to finance it at 9.9% for 30 years - OMG! 

 

What is the chance that we can put in an offer now and if it sits for 30 days or more, they will agree to our offer to get it sold? I am sure they want the monthly income off of it., but we love that house.

 

Any suggestions? There is NO WAY we can accept their financing, our rate right now is 1% - so that is a 788 payment, what they are asking is a 1300 payment. NO WAY. 

Message 1 of 6
5 REPLIES 5
Mrs_hambright
Frequent Contributor

Re: Owner Financed home- but have my own financing

I'm a new bee but I'm sure you can offer your own financing with your agreement of sale.
Message 2 of 6
credit-hunter
Frequent Contributor

Re: Owner Financed home- but have my own financing

 

 
145K  BUT they want to finance it at 9.9% for 30 yrs
Mortgage Repayment Summary
$1,435.82-Monthly Payment $516,893.43-Total of 360 Payments
 
$351,893.43-Total Interest Paid
Message 3 of 6
ShanetheMortgageMan
Super Contributor

Re: Owner Financed home- but have my own financing


@Mrs_hambright wrote:
I'm a new bee but I'm sure you can offer your own financing with your agreement of sale.

+1.  I bet they are marketing it as owner financing so that it'll open the door to more potential buyers.  They probably want to sell it, but also wouldn't mind if someone can't get financing and wants to use their owner financing instead.  They are just giving buyers options.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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Message 4 of 6
rideswithchrist1
New Contributor

Re: Owner Financed home- but have my own financing

My realtor said they want to either do Owner Financed, and if they can't get buyers, they are going to just rent. 

 

I love this house Smiley Sad Oh well, hopefully it won't be the only one in that area.

Message 5 of 6
ezdriver
Senior Contributor

Re: Owner Financed home- but have my own financing


@rideswithchrist1 wrote:

My realtor said they want to either do Owner Financed, and if they can't get buyers, they are going to just rent. 

 

I love this house Smiley Sad Oh well, hopefully it won't be the only one in that area.


OK ... so they don't really have a house for sale. What they have is an investment wish that they are hoping to find someone desperate enought to help them makit it come true ... sorta like a rent-to-own. They are simply seeking to generate an income from the property. Mortgage rates are currently running 4.5% to 5%.

Message 6 of 6
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