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Pitfalls of Buying an Owner Financed Home
Lots of folks today see home ownership as the land of milk and honey. Home ownership is great and important for families, communities, and on a larger scale for our economy. But owning a home is not the best thing for everyone right at this very moment.
I have done some research and published some blogs about purchasing owner financed homes in Lubbock. Therefore, I get a lot of referrals and phone calls from people who for one reason or another can't purchase a home with a traditional home mortgage. I truly want to help you people find a home to buy but the harsh reality is there just aren't many sellers willing to owner-finance their home. 
Today in Lubbock's MLS, looking at Lubbock homes priced between 50 - 150K, there were 8 homes available for owner finance purchase.
The Not So Pretty Side of Owner Financed Home
20% down - Some are slightly less but it is typical for an owner who is taking the risk of financing the home themselves to want 20% down. If you buy a $100K home, you would pay the seller $20,000.00 at closing. If you don't have that much, then owner financed homes are probably ... more

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