Im about to get into an owner finance contract for a house with land, im the buyer. she wants $2500 down payment, and $650 per month, until I finish pay $34,000 that she says she owes to the bank. As a buyer in this case, what are my rights? And as the seller what are her rights? Im very interested I just dont wanna get screwed.
What Can Go Wrong In A Owner Finance Contract In A Home Purchase?
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If she still owes money to the bank, what keeps them from foreclosing on her mortgage and seizing the house? You have no rights at all, as you cannot possibly “buy” a house that is already pledged as security to a bank as security on a previous loan, unless you get their permission to “assume” the note.
You definitely want YOUR lawyer to look over the contract before signing anything.
Chances are, if she owed the bank, the house will remain in her name. Meaning if you pay the house completely off, even if you signed a lease, the house is in her name & if she wanted to be a ***** & kick u out once the house is paid off, she could. Its never usually a good idea to buy a house someone owes money on still. BUT, if she truly is wanting to sell the house, & the lease says YOU are BUYING the house ftom her, then theres nothing she can do without you being able to take you to court. When you buy a house, its best to try & get a loan from the bank to payvthe house off in full so you wont be a month to month tendant. She could claim (before you fully payvthe house off) that “you kept the house dirty & you were loud” and try giving u 30 days notice to move out. That COULD jold up in court & you would be kinda screwed on whatever u paid already & she would be closer to her house being paid off.
Locating the best loan for you involves comparing loans such as conventional, jumbo, FHA / VA, weighing mortgage benefits among fixed-rate, adjustable-rate, interest only and combo (piggyback) loans, evaluating FICO scores, getting preapproved, making sense of the GFE & HUD-1, finishing with underwriting and final loan approval.
what do you guys think?