FS:House in Grand Is.Owner hold mortgage.GREAT deal for the right person

[3sny]

this seems like a great deal, when i got my house the previous owner did the same thing for me. Half cash up front and held the mortgage for a year until paid off. Cut out all of the BS costs that come with the realty company and banks. Just got a lawyer and had the papers done and signed in 2 days.

[eclipsed]

@misteroman$$$

to me there is no risk at all.If you stop paying me I take the house back and keep your deposit.The incentive I have as it makes it a faster transaction with less hassles.(oh I couldn’t get approved,my credit won’t be better for 2 months, the bank wants master bathroom finished,etc…)
I know I should post some pics up and will prob have JGT stop over this week and snap a few.
D

as long as the transaction is structured properly by you attorney(s), then that makes sense to me.

@kingsario

alot of people hold mortgages when they sell. Business do it aaaaaaaaaal the time. There isn’t anything sketchy about it. Kinda like lease to own.

yes, businesses do it all the time. however, i would venture to guess that there is only a small percentage of residential real estate transactions that have the previous owner holding the mortgage.

[kingsario]

I know someone who does it for immigrants that just moved to the US. He makes them put down 30%+. FYI that person teaches at UB.

[Willybeen]

@misteroman$$$

Sketchy as hell???Did you just think you were going to walk up and give me 1,000’s of dollars and I say thanks and walk away?Have you ever heard of lawyers?I have bought many owner holds,including my plaza for $650,000.I guess I’m just a stupid person though.Think a little bit before you come and here talk if you don’t know how things work.

@Nikuk

Holding the mortgage allows alot of opportunity to people who’d have trouble with traditional financing, are whom are laddering their finances.

Self employed, people that don’t report all income therefore lack the proof, etc, etc.

His incentive is it makes it easier to sell… chrsit, this is fucking NYSpeed, not Ballers.Ny.Us

@JUICEDSS

Not mention Derek is one of the most honest people on this board. I guarantee there is no sketchy bullshit going on here.

dot.dot.dot…

Holding a mortgage is not uncommon at ALL… The deposit given usually is just a safety net, to cover closing costs if the buyer defaults on the “loan”

[FiftyCheven]

@misteroman$$$

to me there is no risk at all.If you stop paying me I take the house back and keep your deposit.The incentive I have as it makes it a faster transaction with less hassles.(oh I couldn’t get approved,my credit won’t be better for 2 months, the bank wants master bathroom finished,etc…)
I know I should post some pics up and will prob have JGT stop over this week and snap a few.
D

just call me when your ready brotha

[Fry]

@misteroman$$$

Sketchy as hell???Did you just think you were going to walk up and give me 1,000’s of dollars and I say thanks and walk away?Have you ever heard of lawyers?I have bought many owner holds,including my plaza for $650,000.I guess I’m just a stupid person though.Think a little bit before you come and here talk if you don’t know how things work.

I neither meant to offend you nor suggest that you are stupid. I actually assumed, having a lot of respect for your knowledge and experience in the real estate business, that if you are holding the mortgage then it is probably something standard that I have no knowledge of.

I was simply offering that there are a few things that you might want to clarify in case someone on the ignorant side of real estate, such as myself, was interested but scared off by something that “seems” sketchy but truly isn’t.

I apologize. I will stay out of your thread from here on out. Good luck.

[BuickGN]

@JUICEDSS

Not mention Derek is one of the most honest people on this board. I guarantee there is no sketchy bullshit going on here.

Agree 100000%, i would trust D with anything of mine.

[Blue_Eyed_Devil]

With the way the lending industry has become, people holding mortgages may become more common.