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There's an even easier method: 1) Find a house that you want, preferably owned by a bank or investor (i.e. rentseeker). 2) Make a FIRM OFFER on the house. A firm offer, if accepted, contractually obligates the seller to sell and the buyer to buy. 3) Something of value should be given along with the firm offer, and that thing of value should be written in the firm offer. 4) Now at closing, you write your own negotiable instrument promising to pay PAYEE, or order, the exact amount on the firm offer. On the face of the instrument you write "PAYMENT IN FULL" in a conspicuous location. 5) When you give them the negotiable instrument, your obligation to pay is fulfilled under both UCC 3-603 and UCC 3-311 (UCC = Uniform Commerical Code). 6) If they try to back out or tell you they cannot accept the instrument, you sue them for specific performance, where a court will compel them to honor the firm offer.
Lol😂 You know a Guy Named LARRY FINK!?! Bet he knows more than You since he owns MOST OF THE HOUSES IN AMERICA. SHIT ABOUT TO CRASH LIKE BITCOIN NOVEMBER 2021.
THIS GUY IS A TOTAL JERK---THERE IS NO "BAD" LAND---Land is Land is Land is Land--------LIKE NEWBORN BABIES-THERE IS NO BADNESS. A piece of land may not be useful for certain human or flora/fauna purposes-that doesn't make it bad. It is up to the (potential) owner to do due diligence and fully evaluate a piece of land, building, car, PC-or anything to determine it's suitability for a purpose. IT IS UP TO THE BUYER TO DO A COMPLETE EVALUATION-sometimes you can't get "all the information". At that point, you walk away---OR----take a risk based on limited knowledge. REMEMBER, WHERE YOU SEE USELESS LAND, ANOTHER PERSON WITH A DIFFERENT SET OF SKILLS AND EXPERIENCE MAY SEE UNDERLYING VALUE. That is how most "FINDS" are found-entrepreneurial risk-taking.
This would only work if the seller owned the house free and clear, because if there is still a mortgage on it, the mortgage company could ask for the full payment on the remaining loan, if they find out, the seller sold the home to someone else, the way around this, is to have the seller put the house in a trust, then make you as a trustee and beneficiary of the trust.
Back about 30 years ago, if a veteran purchased a house under a VA loan, that veteran could sell his house with a buyer (non-veteran) could purchase his house with just a dollar down, and anyone could assume that VA loan without a credit check, the bank just needed your contact info to put it under your name, that is how I purchased my first house, its too bad they no longer seem to have that same program any longer.
My son has been paying rent 3.5 years, hoping his landlady will be open as she remortgaged. I've drawn up a contract that includes rent to own for down payment and market value at time he and she agree the title will transfer. Do the legwork if you use a lawyer to reduce cost. I wouldn't use an inspector unless they have references, qualification's may not mean much.
Good info: remember you can always send an extra $50 a month and pay down the loan quicker. Just make sure whoever is taking the payments properly accounts for the extra payment and interest saved and keeps the amortization updated. Banks used to offer collection accounts and made the calculations as soon as the payment hit the bank. Also...ask who will be taking care of the paperwork to clear the loan off county records once the loan is paid off 15-20 years later. Once it took me 8 months for people to get moving on filing the release (at their cost). Keep all your receipts!
There was a home builder in Fresno county who would build then finance the home 20 years if your land was clear. I was involved in spec'ing several homes for friends who went thru this process (thicker roof decking, larger elec service, all water lines overhead, metal roofs, 48" doors in certain locations, etc). Since I was lifelong reaident of my town, people knew that my word was good. I bought 3 distressed properties via owner carry. Distressed properties are difficult to finance via traditional lending because a bank wants to make sure their money is secure and that you won't get bogged down with repairs. An owner who has neglected his property usually can't come up with the money to make repairs to the level of the bank's satisfaction. Owner carry is a good way to get into a house with less hassle...just don't be picky. Many times you won't even need to buy fire insurance. Just make sure you have good housekeeping and check out your wiring. My dad (RIP) never went thru a bank and thanks to him, brothers and I are sitting on over 100 rentals, 24 of which I bought myself. Your biggest worry is making sure your property isn't in the middle of a homeless or meth head area. Nothing gripes a soul more when someone breaks into your house everytime you go out for a quart of milk. I have lots of tools and it's nice I don't have to put everything away every night and no one is trying to pry open every locked shed or toolbox on the property.
I like this whole idea, but I can’t do it for two years because I have to go with my daughter to East Carolina University while she goes to school there for two years and after that on I’m doing what I wanna do. So I’ll get back with you. Glory to GOD!
