Posted on: 04th Aug, 2010 01:41 pm
We rent a home we love and our landlords live next door. They have just sold their home and are moving out of state. Today they offered us the chance to "owner carry" our home. We are unable to secure a traditional loan due to our credit, which we are trying to rebuild. Our landlords have learned that in doing this the title is transfered to our name, we are responsible for all repairs/maintenance, all taxes are our responsibility and it is reportable to the credit bureau so that we can improve our credit. We are still learning about this. This could be a win/win for all of us if we do this correctly? We own a home we love, rebuild our credit and our landlords won't have to come halfway across the United States for problems or repairs. On the surface this seems like a good idea, but what other things should we be aware of?
Hi chriss!
Welcome to forums!
As you don't have the required credit score, it would be a good option for you to go for owner financing in order to buy a property of your own. You will have to sign an owner financing agreement with your seller and record the terms and conditions of the deal. This will safeguard your interests as well as the seller's interests.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you don't have the required credit score, it would be a good option for you to go for owner financing in order to buy a property of your own. You will have to sign an owner financing agreement with your seller and record the terms and conditions of the deal. This will safeguard your interests as well as the seller's interests.
Feel free to ask if you've further queries.
Sussane