Buyer Resources, Home Loan Financing Assistance, Houses, Renter Resources, Seller Financed Homes in N. Texas
Seller Financed Houses (DUEÑO A DUEÑO) in North Texas
June 18, 2020
I am one of the very few DFW Realtors who specialize in seller-financed transactions. Let’s work together!
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Save time:
- Avoid pursuing strategies that will not work
- Avoid wasting weeks and month on FRUITLESS SEARCHES online
Save money:
- Avoid seller financing SCAMS that could cost you tens of thousands of dollars
- Avoid OVERPAYING for run-down properties or homes with lots of structural problems
- VERIFY that the seller can legally sell the property to you
- Work with REPUTABLE INVESTORS who will not jeopardize your home by running away with the money, leaving you facing foreclosure
Get professional advice:
- Avoid tricky seller financing CONTRACTS that could leave you empty-handed!
- Get referrals to lawyers who could help you fight any LEGAL ISSUES
- Get coaching on how to refinance your seller-financed loan into a traditional loan
How much does my assistance cost?
In most rent-to-own situations, I GET PAID BY THE SELLER. That is ZERO out of pocket for you.
WORK WITH A PROFESSIONAL REALTOR TO PROTECT YOU AND YOUR FAMILY FROM FINANCIALLY AND LEGALLY QUESTIONABLE DEALS
Tired of renting but can’t buy because of poor credit or no credit history?
Seller-financed home purchase (aka owner-financed purchase) may be a solution for your situation. Instead of good credit and lots of mortgage-related paperwork, they usually require a large down payment (typically 20% or more) and very little paperwork.
How much is 20%-25% cash to close? On a typical house of $250,000 this would translate to about $50,000 to $62,500 in cash to close. This will pay for your down payment, closing costs, and pre-paids such as insurance and taxes).
(note that if you used a conventional mortgage with 5% down payment, your cash to close on the same house would be approximately $20,000, not including the cash needed to outbid other shoppers on the market)
DO NOT HAVE A 20%-25% CASH TO CLOSE? TRY RENT-TO-OWN PROGRAMS, INSTEAD!
Seller financing is a great solution for HIGH-INCOME, uncertain credit families who are
- self-employed and take maximum business deductions
- change jobs often or have recently changed their income strategy (going from W2 to 1099, for example)
- have credit scores below 550 or have no credit history at all
- had a negative life event (bankruptcy, divorce, etc) and are still recovering their credit
- have income that is difficult to document in a way that would satisfy lender requirements.
- do not have an SSN or do not have an immigration status that allows them to obtain a traditional mortgage
HOW DOES THIS WORK?
Click here to learn more about the details of the process
You will start by finding out how much an investor would agree to loan to you using seller financing. Very often, your maximum loan amount depends on your maximum cash-to-close funds available.
Once your seller-financed loan amount is estimated, you will work with an investor to purchase any house of your choice within your agreed-upon price range. You agree to make a large down payment upfront and the rest of the cost of the house will be paid in small monthly increments over a period of many years.
Click here to learn more about the details of the process
The typical elements of seller financed transactions are:
- You work with an investor rather than a mortgage lender
- The investor buys the property that he plans to sell to you using seller financing
- You agree on CASH TO CLOSE amount needed (typically it is around 20%-25% of the cost of the house, although 15%-20% cash to close deals can sometimes be found)
- You agree to buy a house with some CONVENIENCE UPCHARGE usually between 5% and 15% of the cost of the house
- You agree to pay a high INTEREST RATE (usually between 8% and 11% annually) until you are able to refinance your seller-financed mortgage into a traditional mortgage
- The investor agrees to sell the house with minimum income verification and without regard to past credit problems or immigration status
- You work with an investor rather than a mortgage lender
- The investor buys the property that he plans to sell to you using seller financing
- You agree on CASH TO CLOSE amount needed (typically it is around 20%-25% of the cost of the house, although 15%-20% cash to close deals can sometimes be found)
- You agree to buy a house with some CONVENIENCE UPCHARGE usually between 5% and 15% of the cost of the house
- You agree to pay a high INTEREST RATE (usually between 8% and 11% annually)
- The investor agrees to sell the house with minimum income verification and without regard to past credit problems or immigration status
DO NOT HAVE A 20%-25% CASH TO CLOSE? TRY RENT-TO-OWN PROGRAMS, INSTEAD!
Should you buy a house through a seller-financed loan?
You should assess your financial situation very carefully to decide which type of financing (through a traditional mortgage lender or through seller financing) can be more beneficial.
When NOT use seller financing
If you do not have sufficient cash to close ($40,000-$80,000)
If your Experian credit score is 550+. In that case, try applying for rent-to-own or for a traditional mortgage, instead
Ready to start?
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