Why Owner Finance with Property Solutions, LLC ?
Purchasing a new home can be a daunting task. Acquiring a traditional mortgage from a bank or mortgage company has become a very difficult and often impossible process due to all the “over lending” of the past two decades. Credit scores, employment history, divorces and many other factors often prevent very deserving families from buying a home.
Owner Financing can be a life saver if you can find the right house and the right situation. It can also be the wrong move. We recommend that you ask plenty of questions. In our opinion, the most important question to ask the person or business you seek to trade with is regarding subordination. What? Ok, let us explain: Subordination as it pertains to real estate in this situation is simply making you aware that the individual or business you seek to trade with has a loan or mortgage against the property you seek to buy. In addition, this loan has precedence over any contract you sign. Ultimately, you are no better off than the ability of that person or business to meet that obligation. Let’s face it, things happen: people have health problems, get divorced, loose a job, or a multitude of other things that can impede the ability to pay multiple mortgages or loans. When something goes wrong, you can have a remarkable payment history and not have an argument when the individual or company’s bank forecloses or calls the loan to be satisfied. Banks often refer to subordination as a “wrap around mortgage” and are strongly opposed to taking part because of the complex nature and failing history of the situation. Many times, just finding out that “subordination” has taken place will prompt the bank to call the loan to avoid any potential issues. If that happens, you could find yourself looking for another house!
Property Solutions, LLC is backed by investors, just like many local banks and mortgage companies. Consequently, we offer all our properties “subordination free” or with no mortgages or loans against the property. We are proud to offer this peace of mind in our contracts. We are also very confident that you will be satisfied in the quality of our homes.
Give us a call to find out how you can start filing your taxes as a homeowner! Thank you for visiting our website or our Facebook page!
Purchasing a new home can be a daunting task. Acquiring a traditional mortgage from a bank or mortgage company has become a very difficult and often impossible process due to all the “over lending” of the past two decades. Credit scores, employment history, divorces and many other factors often prevent very deserving families from buying a home.
Owner Financing can be a life saver if you can find the right house and the right situation. It can also be the wrong move. We recommend that you ask plenty of questions. In our opinion, the most important question to ask the person or business you seek to trade with is regarding subordination. What? Ok, let us explain: Subordination as it pertains to real estate in this situation is simply making you aware that the individual or business you seek to trade with has a loan or mortgage against the property you seek to buy. In addition, this loan has precedence over any contract you sign. Ultimately, you are no better off than the ability of that person or business to meet that obligation. Let’s face it, things happen: people have health problems, get divorced, loose a job, or a multitude of other things that can impede the ability to pay multiple mortgages or loans. When something goes wrong, you can have a remarkable payment history and not have an argument when the individual or company’s bank forecloses or calls the loan to be satisfied. Banks often refer to subordination as a “wrap around mortgage” and are strongly opposed to taking part because of the complex nature and failing history of the situation. Many times, just finding out that “subordination” has taken place will prompt the bank to call the loan to avoid any potential issues. If that happens, you could find yourself looking for another house!
Property Solutions, LLC is backed by investors, just like many local banks and mortgage companies. Consequently, we offer all our properties “subordination free” or with no mortgages or loans against the property. We are proud to offer this peace of mind in our contracts. We are also very confident that you will be satisfied in the quality of our homes.
Give us a call to find out how you can start filing your taxes as a homeowner! Thank you for visiting our website or our Facebook page!