Would you an 0wner finance on a piece of property for a buyer; since the bank does not value it for what I ask?
The buyer wants to use his attorney to draw up the contract. Would you do this since it is a mobile home on some property and banks will not finance mobile homes
- Anonymous3 weeks ago
You can finance the land. Trailers have no value
- babyboomer1001Lv 73 weeks ago
Sure, if he was a good bet.
- SlumlordLv 73 weeks ago
Its risky. If he stops paying the mortgage then you have to foreclose on him, as a bank would, and its a lot of time and effort to do this. Also, wouldnt it be nice having your money right now, even if you had to lower the price of the house a bit to get it? I've always avoided owner financing prefering instead to lower the price 10% to get paid now and avoid all the hassle. If, however, you get a good price and downpayment and can't sell the house any other way, then if might be what you have to do (but you first might want to at least try finding a cash buyer at a lower price)
- realtor.sailorLv 73 weeks ago
You can get a mortgage on a mobile home if it includes the land and IF it's a double wide and built since 1974. Tell the buyer to talk to a mortgage broker.Source(s): I'm a Realtor
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- R PLv 73 weeks ago
No, I would not owner finance anything. I am not a bank and do want the headaches involved when it comes time to foreclose because the buyers stop paying.
- SlickterpLv 73 weeks ago
If you could find a buyer stupid enough to overpay for it, sure.
- A HunchLv 73 weeks ago
Banks will finance mobile homes.... just not old mobile homes
I could potentially do this for a commercial property, I could consider it.For a residential property, I can't see any situation where I wouldn't want to be paid in full and be done with the property.