Forums > Free for Allby: 1inpink2inblue

Owner financed

posted 18th Feb
There was a add for a 3 bedroom 2 bathroom house owner financed for $5,000 down in the area I saw the other day. It got me really excited because that is one of the only ways we are going to be able to get a bigger place. Dh and I really need a bigger house and that would be perfect. We have the money to put down on it no problem my only concern is that we some how end up getting screwed or something. Is doing something owner financed a good idea?
quote
I have 3 kids & live in AMITE, Louisiana
posted 18th Feb
I would have it all drafted up with a lawyer and recorded. Also, you need to find out what the interest rate is. Owner financing usually has a much higher interest rate to compensate the owner for the huge risk.
quote
I have 1 child & live in Florida
posted 18th Feb
Owner financing can be a great thing. It doesn't negate the need to have a contract written out, though. Just something that will protect everyone involved. I say go for it, but make sure your bases are covered and you have everything in writing, such as what stays with the house, what doesn't, how long it will be financed for, stuff like that.
quote
I have 4 kids & 3 angel babies & live in Dothan, Alabama
posted 18th Feb
You need to get a lawyer to draw up the papers and make sure everything is in writing.
quote
I have 2 kids & 2 angel babies & live in New York
posted 18th Feb
Ok thanks! That is good to know. I am so tired of living in a 2 bedroom 1 bathroom house with 3 kids lol.
quote
I have 3 kids & live in AMITE, Louisiana
posted 18th Feb
Quoting 1inpink2inblue:" Ok thanks! That is good to know. I am so tired of living in a 2 bedroom 1 bathroom house with 3 kids lol."

Oh and I wouldnt use the owner's attorney. I would a get a 3rd party that has no vested interest in either the buyer or the seller.
quote
I have 1 child & live in Florida
posted 18th Feb
Quoting 1inpink2inblue:" Ok thanks! That is good to know. I am so tired of living in a 2 bedroom 1 bathroom house with 3 kids lol."

I know exactly what you mean. That's what I'm living in now, a 2 BR 1 BA with three kids(and a BIL)...I'm ready for something bigger.
quote
I have 4 kids & 3 angel babies & live in Dothan, Alabama
posted 18th Feb
After seeing what my friends went through, I would be sure to include a clause that states if the bank forecloses on the property that you are entitled to your deposit of $5000 back.
quote
I'm due December 28th, have 1 child & live in Ontario
post reply

who's online

There are 529 people online228 members & 301 guestssee all 228 members
 
alllatest topics
willow8 posteduti3 min ago
I'm His Amy He's My Rory postedHey! MY Bitches!3 min ago
Aria's Mommy&Daddy postedBoy names.7 min ago
hobbit* postedWhere can I watch 16&P/teen mom?14 min ago
Tiffy Spiffy postedbest formula for sensitive tummy?16 min ago
♫ boobook ♫ postedSorting mail17 min ago
TootsMcGoots postedThank God for black-out blinds!!21 min ago
Mom to Kai+Ivy ♥ postedRude.33 min ago
Brantley + 1 postedWow really? How was that offensive?43 min ago
RegisterLoginSearchMembers MapWhos OnlineAdvanced Search
Pregnancy Weeks 1 - 40 Due Date Calculator Top 40 Books Cartoons Pregnancy Models Sarcastic Journalist Forums Resources & Links Pregnancy Issues Due Date Buddies Teen Pregnancy Baby Names TTC & Adoption Suffering & Loss Abortion Survivors Preparing for Baby Labor & Birth Tickers Pregnancy Tickers
Parenting Months 0 - 12 Baby Models Forums Resources & Links Post Partum Issues Parents with Preemies Parents with Infants Parents with Toddlers Parents with Kids Single Parenting Teen Parenting Special Needs Tickers Birthday Tickers
Forums Free for All Photo Spot Debate & Discuss Health & Well-Being Sex & Relationships All Things Food Contests Creation Station Weight Loss & Fitness Shopping & Classifieds Faqs & Feedback The Drama Corner

About | Site Map | Privacy Policy | Terms of Use | Advertise

All contents copyright © baby-gaga.com 2003-2011. All Rights Reserved.