Owner Financed Homes – Where to Find Them

Here is a way that you can find homes that are hidden from other people. Only you will know about them. Here’s what you do:First, you have to understand you’re not looking for homes that are for sale, you are looking for homes that are for rent or for lease. The reason for that is that the landlord has already moved out of the house, and they don’t need money from you so they can move. That means that they could finance you, because they are accepting monthly payments for the rental. Makes sense, right?OK the second place you can look is homes that are for sale and vacant. Now, a vacant home is a real problem for somebody. They don’t want it vacant because it costs them money every month. They are going to be more flexible. They are able to do financing to you, if they so choose. A person with a vacant house can be very, very motivated.So, that brings me to the third place which is For Sale By Owners. (FSBO) Yes you want to be looking for houses that are for sale by owner. No agents. The reason for that is simple. With FSBO homes you are working directly with the person who owns the property. If you’re working with an agent, they will be trying to put together a cash deal, which means that you have to go get financing so they can make a cash commission. But if you’re working just with the owner, they are not looking for a commission.Now also, you don’t want to look for homes offered by an investor. If they are offered by an investor, guess what, they are going to be looking for a profit. So, profit means that you would need a large down payment, you would get a higher price, less attractive terms, and you don’t want that.You want to stay away from homes that say “rent to own”, “lease to own”, or “owner financing”. You want to look for the right sellers, then you approach them with the opportunity that you can solve their problems. You then talk to those sellers and you can buy a home with bad credit, because motivated sellers don’t care about your credit.

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