How to Owner Financing Contract | Owner Financing Contract

Owner Financing Contract

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If you are in danger of an upcoming foreclosure and you’re looking for another way out, knowing what an owner financing contract is absolutely essential. Here we’ll explain exactly what an owner financing contract entails, how you go about getting one, and what the risks are when using an owner financing contract.

Owner Financing Contract | What Is It Exactly?

An owner financing contract basically puts the responsibility for paying off the remaining amount of the mortgage on the buyer of the home. Many might ask, ‘why would I want to sell my house if I’m not going to make any profit?’ Thats a good point, you wouldn’t want to use an owner financing contract if you aren’t facing a foreclosure. However if you’re facing a foreclosure then your other options aren’t looking very great. If your house undergoes a foreclosure then your credit is going to take a major hit, however if you use an owner financing contract then you can definitely protect your credit score from substantial damage.

Now you may be wondering why a buyer would want to go along with an owner financing contract in the first place. Well have you seen how difficult it is for someone to be approved for a loan these days? Although mortgage rates are low and home prices are down, banks are implementing extremely stringent loan policies that require most applicants to have near perfect credit to be approved. With an owner financing contract on the other hand, buyers that can’t qualify for a loan can become homeowners!

Owner Financing Contract | The Process

Your best bet when putting together an owner financing contract is to trust an investor or another third party to draw up the contract. So why would you do that? Sure there are a lot of free contracts online, however some of these are very risky to use. FBSOAmerica explains some of the pros and cons of using a free real estate contract, you’ll see why an owner financing contract should be left in the hands of professionals:

Although it may seem like there are millions of federal laws, there really are not. Many areas of law are left to the province of state governments and courts. Real estate law is one such area. Given the fact there are 50 states in the Union, this means there are essentially 50 different sets of laws and regulations related to how real estate transactions happen, the language that can and cannot be included in the agreement and how real estate contracts that fall apart are handled.

The beauty of a free real estate contract is, well, its free. That is about it, however. The problem with these contracts is they constitute one general form without taking into account the fact that each state has different laws regarding real estate transactions. Simply put, a real estate contract for Arizona will contain entirely different language than one for New York. The laws are entirely different.
A free real estate contract tries to get around this problem by including a clause that voids any part of the contract that violates the state law applicable to your transaction.

You can find it in the “concluding” clauses at the end of the contract. This is a rather weak attempt to deal with the issue and rarely works if there is a dispute between buyer and seller.

Of course as with anything else there are risks an owner financing contract and thats why you need to be careful who you go into business with meaning you should reference the investor that draws up the owner financing contract to see if he has had success in the past. If our readers have any questions about the owner financing contract process, please let us know in the comments below.
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Full and Complete Overview of How Owner Financing Works.. In this section you will learn expert insight into Owner Financed properties, homes, and houses? What are your most common options and how exactly do these options work. What is the benefit of a contract for deed, deed for title, or land contract type deal over a rent to own (lease option) or a seller carry back? Also which one of these types of seller carry financing is the best fit for your personal situation.
Is Owner Financing Right For You?. Are you ready to get into a home right now and is if so what type of home owner financing is right for you. The two main items I cover in these chapters are:
Buying an Owner Financed Home — What does it mean for you and your family.
Selling On Owner Financing — What it means for the Seller and understanding this will help you negotiate and find your new home much easier?
Get Prepared to Buy Now : All you need to know for planning and finding the perfect home. Here you learn step by step the overview of what you need in order to find that perfect home. This section will help you make the search and offer process as seamless as possible.
How to Find Owner Financed Homes and Houses (traditional means). What are the most common ways to find owner financed homes available? For instance you found this page either by first visiting a site like CraigsList.com or by a Google search. In this chapter we explore those options.

Special Bonus 1 — Audio Book Version

The number one request is now fulfilled. Not only to you get the How to Buy Owner Financing Homes Book you now get 5+ hours of tips and advice on buying an owner financed home.
Intro to Owner Financed Homes (6:31)
Real Estate Ownership (13:42)
What is Owner Financing?(6:59)
All About Owner/Seller Carry Backs (25:52)
Contract for Deeds and Contract Type Deals Explained (18:05)
Rent to Own or Lease Options Explained (33:54)
How Much Can You Afford and Buying Tips (12:51)
Your Secret Weapon… Creating Your Home Buying Packet(21:29)
How to Find Owner Financed Homes (9:12)
Secret and Hidden Ways to Find Owner Financed Homes (20:37)
Negotiation Tips for Owner Financing (1:09:50 — 1 HOUR 10 minutes of negotiation tips) BONUS CONTENT
Verifying Value of an Owner Financed Home(9:39)
Verifying Ownership and Other Pitfalls You Must Know (17:20)
Secrets to Verifying Financing and Carrying Costs (24:03)
Closing the Deal and After You Move In (11:28)

In this audio book version that you get instant access too I go into detail about everything that is in the book.

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Owner Financing Contract