Owner Finance Help.
Good morning. I don't know where to post this, so I hope you can help me. I am going to owner finance a lot. The lot is located in a resort area that has home owner association fees. I want to add the fees to the monthly payment. Once you own a lot there you have privileges of the resort etc. Has anyone ever done this(or should I raise the price to cover the fees and not bring it up) thanks in advance for your help. Lisa
You can ask them to pay you each month and you will pay the association (basically an escrow like taxes and insurance). Do you think the new owner will not pay the fees themselves? I think it needs to be disclosed just incase something ever comes up in the future. You can also sell the note to a note broker if you don’t want to worry about all this.
It's true, it would be very straightforward to structure the deal so you sell your owner financed note at the closing table to a note buyer, thereby getting you cash proceeds AND out of the deal and let the new owner worry about the dues. That should not be your concern.
What is the condition of the lot? Any improvements? Thanks, Dave