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Written by Allison Martin Allison Martin Arrowright Assistant, Personal Finance Allison Martin helps with personal finance coverage, including mortgages, auto loans and small business loans. Martin’s work began 10 years ago as a digital content strategist and has since been published in several major outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews, Investopedia, Experian and Credit.com. . Martin, a Certified Financial Education (CFE) teacher, shares his passion for financial literacy and entrepreneurship with others through interactive workshops and programs. Connect with Allison Martin on LinkedIn Linkedin with Allison Martin
- 1 What Will My House Be Worth In 20 Years
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What Will My House Be Worth In 20 Years
Edited by Laurie Dupnak Edited by Laurie Dupnak Arrow Right Editor, Home Lending Laurie Dupnak is the mortgage editor for the home lending team. Connect with Laurie Dupnock on LinkedIn Linkedin with Laurie Dupnock
What’s My House Worth?
Jeffrey Bell Reviews Jeffrey Bell Arrow Right President, Real Estate Solutions Jeffrey L. Bell, President of Real Estate Solutions, has more than 40 years of experience in various phases of the real estate industry. Jeffrey Bell on our review panel
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If you have bad credit or a short credit history, it can be difficult or impossible to get a mortgage to buy a home. If you’re selling your home, finding a buyer who also qualifies for financing can be a challenge, adding time and pressure to the sale. One solution could be a money-to-buy mortgage, also known as owner-occupier finance. This arrangement is also called seller financing or purchase money mortgages.
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Owner financing is similar to traditional home financing, except that the property owner, rather than a bank or other mortgage lender, provides all or (usually) partial financing directly to the buyer. This can benefit buyers who do not qualify for a mortgage loan or if they are only paying a portion of the purchase price.
In this arrangement, the buyer pays the seller a down payment and the buyer assumes the seller’s mortgage. In addition, the buyer pays the difference between the balance of the mortgage and the sale price of the property being purchased. The difference between the mortgage balance and the sale price of the home is the portion of the purchase that the seller finances.
In a typical owner financing arrangement, the owner (seller) records a mortgage against the property, which is sold to the buyer via a deed transfer. After the sale is completed, the buyer makes mortgage payments to the seller based on an amortization schedule at a fixed interest rate agreed upon by both parties.
“Typically, the seller won’t hold onto that mortgage for more than five or 10 years,” says Chris McDermott, a real estate investor, broker and co-founder of Jacksonville, Fla.-based Jax Nurses Buy Houses. “After that time, the mortgage is usually paid off in a balloon payment that the buyer must pay.” This is when home financing can become difficult because at that point the buyer must find financing for the balloon payment, usually through a mortgage refinance.
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The buyer and seller agree to a purchase price of $700,000. Seller requires 15% down payment – $105,000. The seller agrees to finance the remaining $595,000 over a 30-year amortization at a fixed 8% interest rate with a balloon payment after five years.
In this example, the buyer agrees to make monthly payments of $4,366 to the seller for 59 months (excluding property taxes and home insurance that the buyer will pay separately).
In month 60, the balloon payment will be $570,032. The seller will collect $932,620 after 60 months, broken down as follows:
The main advantage: “The buyer can get a loan that a bank wouldn’t otherwise accept, which can be especially beneficial for self-employed borrowers or borrowers with bad credit,” says real estate attorney Bruce Allion. investor and Realtor with RE/MAX Town & Country in Alpharetta, Georgia.
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The main downside for buyers is higher interest rates and less time to repay the loan. “The interest rate charged by the seller is usually much higher than what a traditional mortgage lender would charge,” says McDermott. “In a few years the balloon payment will be important.”
Owner financing gives the seller more freedom to sell the property as is, without going through the traditional repair process that would be flagged and required as a condition of closing the loan.
“In addition, sellers can get tax benefits by deferring capital gains over several years if they meet the requirements,” says McDermott. “Depending on the interest they charge, sellers can get a better rate of return on their borrowed money than many other types of investments.”
However, this process is not without risk for the seller. If the buyer stops paying, the seller may have to go through a time-consuming and expensive foreclosure process. If during the foreclosure process they find that the buyer has not taken proper care of the property, the seller may face expensive repair or renovation bills even after foreclosure.
What Is My House Worth?
The conditions of the operation must be included in the receipt, which is the document that contains the borrower’s commitment to repay the loan, as well as the agreed interest rate, the loan period and the repayment schedule. It also mentions the possible consequences of not paying the loan.
If you’re a buyer, it’s worth paying for a title search to ensure there are no claims against the property (if any) on an existing mortgage. This ensures that the owner can sell the property and you can receive it.
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