Posted on: 14th Apr, 2009 09:29 am
I'm considering owner fiancing, im the buyer. The owner is telling me that I cant get any type of homeowners insurance because he's going to purchase it. So where's my protection?????
Im really not feeling this, Please help!
Im really not feeling this, Please help!
diva, i'm not feeling it either. you need to dig deeper into the seller's motivation, i think. are you going to be the owner immediately, or is this some sort of scheme in which the seller continues to hold title while you make payments? be careful.
Hi
If he's going to sell the house to you through owner financing and you are to become the owner of the house, why would he be purchasing the homeowner's insurance, instead of you?
If he's going to sell the house to you through owner financing and you are to become the owner of the house, why would he be purchasing the homeowner's insurance, instead of you?
I think the seller is just unclear as to how this works. I will him credit for trying to protect the asset. He probably does not trust that you WILL insure the home while he is holding the note. Make sure you have an attorney handling this and he/she can help to straighten this out.
