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#1 Learning and Burning

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Posted 16 February 2016 - 01:21 AM

Hello, 

Again i got a question and this is the place for answers. I am considering buying a slo iv had for the last four years and asking the seller to owner carry. T/b passed away in Dec so sudden and out of the blue certainly a first for me, And so brings us to this and seller not wanting to deal with it any more. She is in her 70's and out of the area, I'd Like to take it off her plate with owner carry seeing she doesnt NEED the money i could get in with no $ down and she could get it off her plate. I'd like to refinance it if this possible. So wondering if this could work and if so what are the benefits of doing it this way ? Or another way to make this happen?

 

 

 

 



#2 MichaelC

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Posted 16 February 2016 - 06:24 AM

Benefits of owner financing are great, and usually for both parties.  For the seller, it means a faster closing; monthly income; and a deferred tax bite.  For the buyer, you don't have to deal with all the BS the banks typically hit you with, including a hefty down payment, closing costs, etc.  Definitely a win-win in the right situation.



#3 Learning and Burning

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Posted 16 February 2016 - 01:14 PM

Its what id like to pursue seeings seller and i have a history and shes's open to me getting it sold for her. Say i wanted to draw this up and get refinanced in 6 months to a year? How would i go about drawing this up? A purchase agreement then file with courts? 

Uncharterd territory here now so a play by play scenario would help. 



#4 MichaelC

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Posted 16 February 2016 - 04:46 PM

I would suggest you have an attorney draw up the paperwork, to protect both sides from any misunderstanding.  The cost shouldn't be prohibitive, especially when compared to the cost of traditional bank financing.  Also, you might be able to get the seller to split the cost.  And you might also try the title company to see if they can help with the necessary paperwork.






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