Remember, take caution purchasing from sellers when using less than orthodox, traditional lending methods. Don't be vamboozled. When purchasing from a seller one should insure any existing liens or emcuberances are either satisfied or agreeable with one's transaction. Don't cut corners, trust in chance, or assume that all participants to the transaction have your best interest at heart. I hear so many horror stories where trusting buyers have been swindled out of thousands of dollars attempting to purchase homes from less than honest individuals.
A few things that I would question in seller financing transactions are:
- Who owns the home? Are all parties represented and/or aware of the proposed transaction?
- Is the home free and clear? If not, non-approval assumptions were done away with by Pres. Reagan.
- Are you being represented by a realtor or attorney? Why or Why not?
- Is the closing taking place at a title company? Why or Why not?
- Are the terms of lending commensurate with available loan programs?
"Without counsel purposes are disappointed: but in the multitude of counsellors they are established." Proverbs 15:22
For a List of Owner Financed Homes in the Houston, Texas Area CLICK HERE!