Owner financing a home for sale in Maine.
Sometimes the buyer could get bank financing, has all the price of the house for sale in cash. But his accountant said get a mortgage. A tad below the bank lending rates, something to slip into that is more comfortable.
And without the overhead home inspection, appraisal, flood insurance, special title transfer closing cost, property repairs and all the hoops to jump through that adding a bank to the buyer-seller partnership causes.
The bean counter says deducting the interest expenses before you retire and hit a lower income bracket makes the exercise "see what the seller will do" for owner financing a home for sale in Maine.
We are not talking the rent to own, I can't get a loan today and won't be able to a year or two years or more down the road either situation. We see an increasing number of home buyers who have credit shot in both feet. One recently told me a bank to buy a home is out. And when coached on do you have parents, a relative that could be your co-borrower and be a shadow to help a bank be your lender?
Seems his grandparent's had super credit. Had, past tense. Right up until they co-sign ed for the lad's car. The one the vehicle lender had to go looking for with a dangling hook or ramp truck. Some to drag it back to the dealership or bank parking lot. To red rover, red rover, send over a new vehicle buyer.
The boy said the grandparents should have known he was a poor risk.
It's their own fault their decades, a lifetime of perfect credit did not go kaput.
Because it was never stretched too thin, or to the breaking point and beyond.
And besides, they are in senior citizen housing, have it made with all the perks.
Shouldn't be losing sleep or wringing their hands over a tarnished otherwise squeaky clean credit history.
And won't be needing credit to buy another house, car, anything because not many moons left for either of the pair.
Can you say entitled, spoiled, over indulged or plain selfish? Sure you can. You see it today in the sorting out the ones you can help, the others that are upside down or just totally broke and the luck ran out a long ways back in the highway of life.
So owner financing happens more for land than houses in Maine.
Even though property prices for all the real estate across the board is pretty low to the ground. But sellers need to replace the home, pay it off or buy another one. Or are just too old to consider a fifteen, twenty or thirty year loan when they are about to celebrate a birthday in the 80's, maybe the 90's age bracket of cake and candle blowing.
So it all comes back around to the what's financing a home in Maine process again?
Tell me more about how that has become a little more sophisticated, not so easy peasy as the days of one flavor lending for homes for sale.
It was all local, no Internet banks or credit unions or exotic lending. Back in the days of chocolate, vanilla, or a twist of the two only.
And the banker personally did the character loan and sized up the buyer, the property and the thumb went up or down.
Or started rubbing his neck and the hemming and hawing began as the reasons for the weak "maybe" for financing were put out on the table. In the little heart to heart talk about the present situation and request for buying a new home.
Read the full article on Financing a Maine home, more than a pretty, high credit score. Buying, selling, trading a new home, any type of property listing, see MOOERS REALTY for real estate problem solving.