Has anyone ever owner financed a house?

[simpleyme]

good luck

[jodi]

My first instinct (as a real estate agent!) was to say RUN, as seller-backed financing usually means bad credit, but I will admit my positive prejudices here: as soon as I read that they were Mennonites, I thought, "Well, their word is good as gold". I'm usually not one to generalize, but we live in an area with many Mennonite families who we have dealty with personally and professionally (they rebuilt my father's barn after it burned down) and I would take them at their word for anything. I know how their system works: largely cash, and entirely backed up by others in the community. Yup, I would probably hold a mortgage for a Mennonite family, esp. with 50% down (but, of course, only with a contract drawn up by an attorney and some type of take-back clause).

[mom-from-missouri]

so if some destroys your home as long as you get it back you are happy

so if they default you need to return all the money would be wrong to keep it since they are not keeping your house



but anyway it sounds like you wont make much by holding the contract since they will pay half and probably pay it off early making the whole thing just a hassel

Why would I give it back? If you have a car repo'ed, the bank doesn't give back what you paid on it. If the bank forcloses on your home, they don't give back what you paid on it. In this case, DH and I simply act as the bank. If that were the case people would buy these items and default in the final year to get it all back then get a new one...

They sold their small home a month or so ago (have been staying at her parents since while they look for a larger home). I drove by it. It is neat, well maintained, clean looking...I don't know why they would keep that one nice and then tear this one up.

[simpleyme]

happy thanksgiving and I hope this works out favorably for you ;-)

[mom-from-missouri]

Our contract has been drawn my a real estate attorney who has been doing this for over 40 years. So, what we are doing is legal.

If I were to give back all the money then they would have been using the house and outbuildings free for what ever time they were there. This is a business transaction, To follow the law is not unchristian like. To delibertly sue someone over something you gave been given back is double dipping.

I was talking to a relative about this and one of their sons is dating my cousin..small world, but then again this house is in a small town.

[DebbieL]

I understand where the others are coming from, but my thought is that you need to trust your instincts about these people. I would tend to trust a middle aged Amish/Mennonite couple to NOT trash the place and will most likely pay. They are good people (of course there may be exceptions, but I'd feel pretty good about it if I were you).

[Ima saver]

Now that I know that the couple is older, I would think it would be a good idea. Especially if you are getting such a large down payment. They would not want to lose that much money!! I would go for it!

[mom-from-missouri]

We are going for it!!! They want it-so we have to wait till Monday to call and get an appointment set up at our attorneys office. They are in no hurry as their house has already sold and they are already packed up but staying with family-so they have no deadline to be out by. The man did ask if he could do some outside painting (I started it before the weather got cold) should it warm up-I told him to go for it.