I did my first "OWNER CONTRACT" sale about 4 years ago. It was the right seller and right buyer at the time, and it made sense for both of them.
In the 60's, my parents bought and sold properties on real estate contracts, left and right. NO BANKS. and it worked great. They accumulated RENTAL PROPERTIES, like craaazy.
Well a few years ago, the banks put in the clause that the note was due on sale. So we forgot about that.
I had heard recently of an attorney writing owner held contracts even with a mortgage in place suggesting...the banks just dont call the loans, and well, they dont want them now. Does anyone have any experience with this? over the last 2 years?
Myself I am still more comfortable with the seller who owns their home outright, and can sell on contract, or who has a small balance that a down payment from the buyer can pay off the small remaining mortage and execute the buyers contract. With CD's and treasuries paying so little, often the seller is very interested in a 5 or 6% interest bearing note for the sale of their property, plus a LITTLE CASH DOWN, so there is some skin in it.
ARE YOU DOING THIS.. I'd love to hear your thoughts and/or experience. When I looked at my local MLS for OWNER CONTRACTS, over the last year, I didnt find any listed or sold???
realtors, email me at GV.nextgeneration@gmail.com share your thoughts
If you expect to have a HOME FOR SALE, or are looking to BUY A HOME on OWNER CONTRACT, even FIRST TIME HOME BUYERS
call me at 360-600-3042
Gloria Matthews
http://www.ggmatthews.com
http://www.felidahomes.com
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