Owner Financing May Be A Viable Option When Buying Your Amarillo Home

By
Real Estate Agent with The Pamela Madore Group 573760

Pamela Madore
Pink House Team
The Pamela Madore Group
Keller Williams Realty
http://myamarillohomes.com
806-340-7630

Owner Financing May Be A Viable Option When Buying Your Amarillo Home

There are a number of reasons why you might need owner financing.  Some of these include credit issues, recent bankruptcy or foreclosure, self employed and can show no income.

I get many questions about how this works so here are some answers.

Simply put, the seller acts just like a bank.  You have a down payment and then you make monthly payments to the seller.  Often the down payment and the interest are higher  than if you went to the bank.  The reason for this is that the seller is taking a bigger risk.  If you can't qualify at a bank then that means things aren't perfect.



Another thing to remember is that there aren't many houses available that the seller will finance.  It probably won't be your dream home but it will be a home that you can own instead of renting.

Most sellers don't qualify you.  They may want to look at your credit report but usually that is a formality.  There are some new owner financing guidelines that some sellers prefer to follow.  This will require more paperwork.  You will need to show evidence that you can make the payment.

When we do seller financing, we use a title company just the same as if you went to a bank.  That way everything is legal and correct.  The seller will usually provide you with a title policy.  If they don't you have the option of buying one yourself.  The title company will have a an attorney draw up the deed, note, and deed of trust.  You will go to the title company for the closing.  That is when you and the seller sign all of the documents.

Down payments and interest rates do vary from seller to seller.  There is no one answer.  The best way to do it is to call me and I can see what is available that might fit your needs.  If nothing is available at the moment, I will try to find one or we may have to wait for a while until something comes along.    


Owner financing isn't perfect but it is a viable option that you shouldn't overlook.  Also, it should be mentioned that you can work on the problem that prevented you from getting a bank loan in the first place and when you have resolved the problem you can them refinance at a bank.

For more information or to see what is available, contact me.

Pamela Madore
The Pamela Madore Group
Pink House Team
Keller Williams Realty
7304 SW 34th
Amarillo, TX  79121
806-290-1920
http://thepamelamadoregroup.com



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Pamela Madore
 
Pamela Madore
The Pamela Madore Group 
Keller Williams RealtyAmarillo
3955 S. Soncy
Amarillo, TX 79119

806-290-1920 Cell
pammadore@kw.com 
http://pamelamadore.com
 
 
 
 
 
 
 
 

 

 

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pink house team
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Rainmaker
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Temple Callahan
Connect Real Estate - REALTOR / BROKER - Ventura, CA
Search Ventura County Homes For Sale CA

Sometimes even when we DO use a title / escrow company, they don't get the note details correct.  Scary!  Thanks for posting!

Mar 27, 2015 11:33 PM #1
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Rainmaker
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Pamela Madore

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