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<blockquote data-quote="TexasBred" data-source="post: 601636" data-attributes="member: 6897"><p>If I'm buying it from him HIS equity better be 100%. Please explain <strong>"It doesn't matter if the property has an existing loan, except to the extent that the existing lender might accelerate the loan upon sale due to an alienation clause".</strong> (That usually means DUE ON SALE") That outstanding lien would be a 1st lien and being the superior lien could also be foreclosed at a latter date leaving the buyer with the "owner financing" out in the cold. Is this the way you do owner financing?? If the buyer made aware of the outstanding 1st lien and the possible problems?? </p><p></p><p>The only way to do owner financing is for both buyer and seller to approach it as if the buyer was getting 3rd party financing; let a qualified real estate attorney take care of all the disclosures, ordering title information, surveys, clearing clouds on the title,(paying off existing liens), document preparation and closing and if either side has any hang up with any of this the deal is off. Too many deals are killed by one side or the other trying to hide something from the other.</p></blockquote><p></p>
[QUOTE="TexasBred, post: 601636, member: 6897"] If I'm buying it from him HIS equity better be 100%. Please explain [b]"It doesn't matter if the property has an existing loan, except to the extent that the existing lender might accelerate the loan upon sale due to an alienation clause".[/b] (That usually means DUE ON SALE") That outstanding lien would be a 1st lien and being the superior lien could also be foreclosed at a latter date leaving the buyer with the "owner financing" out in the cold. Is this the way you do owner financing?? If the buyer made aware of the outstanding 1st lien and the possible problems?? The only way to do owner financing is for both buyer and seller to approach it as if the buyer was getting 3rd party financing; let a qualified real estate attorney take care of all the disclosures, ordering title information, surveys, clearing clouds on the title,(paying off existing liens), document preparation and closing and if either side has any hang up with any of this the deal is off. Too many deals are killed by one side or the other trying to hide something from the other. [/QUOTE]
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