Are you seriously telling me that owner financing is BETTER than a mortgage that helps your credit scores and builds your credit profile???????  I may be confused but man I will debate you on that one every day all day.

Owner financing should be the last resort to close on a deal IF it can work for both people but in the end it does not hold the best interests of the buyer IF they can get normal financing done...  I did the entire 'BOLD' thingy in homage to you!

Oh, and also - if the people cannot qualify for the property because of stupid little things like minimum reserve requirements or down payment - then I as a seller would seriously consider NOT selling my property to that type of buyer anyways!!!  What happens when the buyer has a financial shortfall?  Seller now has a tenant that cannot pay or needs some help...not good!

Nathan..think we hit a nerve...there are plenty of deals out there requiring bank loans and your job is secure.  But in many instances in Maine when you are looking at a $50,000 or less property price tag, and if seller does not need the money and the buyer is a good candidate, always consider whether owner financing would well suit the situation and end up being advantageous to the buyer and seller.  We just did one where the buyer had a credit score of over 800, no debt, and the seller did not need the money.  The seller likes the 8 percent interest rate ker plunking into his account each month. The buyer liked not waiting weeks for a closing, ability to buy the unfinished property as is without secondary mortgage hassles to clear so the bank could sell the mortgage...no bank origination fees, etc...quick, cheaper and better for both buyer and seller.  It is a vehicle that works well when it fits. But not saying it always does.  IE $200,000 mortgage may not be something a seller wants to wait 15 or more years on without a balloon or some event to shorten the mortgage.  We have homes here for $24,900, $39,900, $59,900 in Northern Maine so building credit score and credit profile is not the issue.  Everything is so much cheaper and people do not try to "live large" as one California broker told me folks do in her area.  We like to own and pay off cars, property.  We drive cars that are paid for and don't like installment booklets.  The bulk of our owner financing is land sales which banks are not wild about doing as they can't sell the mortgage. We have 11 people per mile in Aroostook County so lots of land here!

Perhaps you did hit a nerve!!!  After all my job is financing (not in Maine per say)...

BUT your scenario and that particular instance was a perfect fit fpr owner financing - no doubt - but how many people are in trouble from rushing to do this??  Not as many as those that took ARM's but still...risky business.  How are homes going for $25,000?  I thought the east coast was supposed to be ultra expensive?  Well, here in Texas (as in Cali) some folks also like living large and driving SUV's that cost way more than $25k (wife and I own toyota's - not us) so I guess whatever works for your area.

Maine - gotta keep that in mind for buying some owner financed land!!!  LOL, thanks for the reply and nice post/retort!

I can't help but notice that you keep posting pics taken in the warmer months.......I guess you need all the positive thinking that you can get this year weather-wise :-)

 (I'm down here in Walpole, MA where the snow cover's been gone for almost a month now. Don't get me wrong, I like snow, but.....!)

Nathan...the problem with media is everything is sensationalized...so suddenly everywhere is in dire straits like west coast we hear about over and over..from media and brokers too that are their own worse enemy as some whine and whine.  Northern Maine is not ultra expensive..and Maine is a big state.  if you are next door to President Bush on Walkers' Compound in the Kennebunkport area...okay...you're going to need many books of green stamps.  But if you are in Northern Maine, you can buy 500 acres for $175,000.  Where else on the planet can you do that? Or a home for $39,900 that you could be happy living in.  Welcome to Mayberry...small town rural community living where folks help each other.  This type of area is even more attractive as folks in high priced areas are squeezed out and have to consider somewhere safe to raise their families! Thanks for the ping...

Stephen...like a person who might own a clothing store, we are always a season ahead once one ends.  We like winter and believe it or not, when son's ice hockey season ends and we take our last down hill ski run or snowsled ride, it is always with a little melancholy.  But then, summer living is a blast on our lakes.  Spend alot of money on gas for the sea doo and the grocery bill hikes but having all kids at our place is fun...and they grow up so fast! Thanks for stopping in!

Hey Andrew,

I buy Owner Financed Notes and can do it at closing, even on purchases so seller gets cashed out at escrow :) As low as 500 fico and 2% Down. I discount the note 10-15% depending on risk, so they do have to have a little equity to make it work. And this isn't a split appreciation thing or a big option fee or anything like that. So would adding this to your listings help them move?: "Owner Will Finance--No Bank Qualifying--Low Down Payment--Fixed Rate" Let me know if I can help---Nick