Owner Financing? Please Answer~

chantynicole profile photo

If you buy a home using owner financing is that the same as a lease option or is just like a private 30 year note?
~Chantelle red face

Comments(2)

  • TANISGroupLLC21st October, 2003

    Depends on the situation. I suppose when you refer to a lease option that would include a contract for deed, which are similiar and can be generally refered to as seller financing. Obvious true seller financing is the seller holding the 100% lien free note on the home. Very rare and unlikely.

    Joe

  • pmatheson121st October, 2003

    Usually Owner Financing involves the Owner carrying some or all of the purchase price.

    Ex: Difference between Sales Price and 1st loan can be made up with the down payment and the Owner financed (carryback) Note (& D/T).

    Beauty of Owner Financing is you can craft the payment schedule, % rate, duration of loan.

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