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    #1

    Does this sound like a good deal??

    'newly constructed home for sale. 2 story, 2800 sq. ft. 3 bdrm, 4 bath, finished basement w/3 car garage. Owner financing. $7,000 down payment. 30 yr. fixed rate mortgage at 6%. No points. $800 closing fee.'

    Thanks for any comments...
    Donna

    Filed Pro Se August 10,2006 :cry: 341 Meeting: September 19,2006 :blink: Last Day to Object: November 20,2006 :cool: Discharged: November 27,2006 :clapping: CLOSED: December 15,2006 :tongue:
    Tags: None
    #2
    Sounds good in print, but most rates are based on your credit score....... so buyer beware......

    Also note - "owner financed" - is this going to be financed thru a land contract???? If so, be even more careful.......

    Check it out, get back with us.....
    Minny

    "It's amazing the paths that our feet sometimes follow in life".

    My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

    Comment

      #3
      Originally posted by Minnymouth View Post
      Sounds good in print, but most rates are based on your credit score....... so buyer beware......

      Also note - "owner financed" - is this going to be financed thru a land contract???? If so, be even more careful.......

      Check it out, get back with us.....
      Is your credit score an issue when the owner is financing the property? Doesn't all paperwork go thru a Real estate Lawyer?
      Thanks.
      Last edited by 9877donna; 11-09-2007, 09:55 AM.
      Donna

      Filed Pro Se August 10,2006 :cry: 341 Meeting: September 19,2006 :blink: Last Day to Object: November 20,2006 :cool: Discharged: November 27,2006 :clapping: CLOSED: December 15,2006 :tongue:

      Comment

        #4
        Usually owner financed property is not based on your credit score unless the seller decides they want to run a credit check on you (I know I would if I was a private seller)..... just to see how good your credit is......

        Most owner financed property is sold on "land contracts"...... be sure you read up on land contracts - the good, bad, and ugly of them..... be sure to have it recorded at the Court House to protect your interest.....

        A "deed" can be drawn up by anyone, it just must be notarized and recorded at the court house. Best done by an attorney unless party knows what he is doing....

        Hope this helps.............
        Minny

        "It's amazing the paths that our feet sometimes follow in life".

        My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

        Comment

          #5
          OK I Just spoke with the seller/builder...

          Minnymouth thank you for your replies but I just spoke with the seller/builder and the price of the house did me in.....
          The house is selling for $495,000!! He asked if this was in my price range and I said 'no,no not at all'.
          Whoo....not in a lifetime could I afford a mortgage on a house that expensive.Can you imagine the mortgage payment every month??
          Eeek...
          Donna

          Filed Pro Se August 10,2006 :cry: 341 Meeting: September 19,2006 :blink: Last Day to Object: November 20,2006 :cool: Discharged: November 27,2006 :clapping: CLOSED: December 15,2006 :tongue:

          Comment

            #6
            You And I Both Would Pass Out................lol
            Minny

            "It's amazing the paths that our feet sometimes follow in life".

            My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

            Comment

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