Financing - Owner vs Bank

[Don Draper]

Blergh...money is just plain no fun.

 

[gillumhouse]

Thank you for the input. We too are concerned that at the end of the day the local bank may not be able to come thru. The current owners are offering terms of 20 years at a fixed rate and while we need to increase the down payment we feel it's a very generous offer on their part. It would be a warranty deed with us as owners and them as mortgage holders. We will definitely have it all reviewed by the attorney prior to pulling the trigger but I think we're going to do it.
Excited and nervous - I guess it's not over til it's over but it's looking more and more real all the time..

We have friends who left Illinois in the 70s selling their Illinois property as owner financed, They told us that check from Illinois every month is what saved their butts their first few years in Colorado.

 

[Joey Camb]

dont know if it is the same in the states but in the UK borrowing money is like getting a look at the queen's teeth! we tried to borrow $200 thousand to buy a property at the back of us (we had the rest cash) with three times as much security and they wouldn't lend it! mind you a neighbor of mine was able to borrow the same amount without any trouble.

 

[Samster]

dont know if it is the same in the states but in the UK borrowing money is like getting a look at the queen's teeth! we tried to borrow $200 thousand to buy a property at the back of us (we had the rest cash) with three times as much security and they wouldn't lend it! mind you a neighbor of mine was able to borrow the same amount without any trouble..

"Like getting a look at the Queen's teeth...." That made me really laugh!
It depends here on what you're borrowing money for and what your credit score is. We just bought a new car and it was nothing...one page, few details...they just ran our credit score.
And oddly here, sometimes the more money you owe (if you are making all the right payments) the more money you are able to borrow.