Sell Your House Quickly

I live in the Atlanta Metro area.
Thanks in advance.

Ask your Realtor. The information is often in the MLS listing (not the part that’s on the internet for public viewing usually)

I feel bad for my neighbor. He has been diagnosed with cancer and is receiveing treatment, but he is about to lose his home as a result of him not paying for three months. He explained that he has to pay the doctor to get treatment and the owner did not sympathize with him because he defaulted for a period of 3 months before he was diagnosed with cancer. I know Congress passed a law helping people to stop their homes from being foreclosed on but I don’t think it qualifies to owner-financed homes. He makes too much income to qualify for medicare. He lives in TX and I believe he is under the age of 55. Are there any government programs that can help him financially or prevent/delay foreclosure on his home? Thank You. Your help is greatly appreciated.

Sorry to hear about your neighbor.

Unfortunately, owner financed properties are a little different and are difficult to generalize.

However, the first step is to review the security instrument signed at the time of closing (title would have provided copies) it details when and how a property can be foreclosed on. Sometimes the only solution is to pay it current and sell it. Others may agree to deferring the payments and adding it to the balance of the current amount they owe.

deferring the payments would basically take the amount past due, add it to the balance and start the monthly payments again as if it never happened. Considering that this is a privately held note then it may be a little difficult.

Government assistance programs are not the way to go. they are so complicated and hardly ever qualifies anyone. it is in place to make the politicians look like they have a solution when they really don’t.

I would try the deferment route and see if the note holder would work with him.

again, sorry to hear about the situation. but there is little that can be done.

My husband and I bought an "owner financed home" earlier this yr and each month we pay mortgage interest. Can we claim all the interest that we have paid on taxes next year or does it even count because it wasn’t financed through a bank? If so, should we receive a statement from the person we bought our house from before we file?

Yes, you can claim the interest. You should get a statement of the interest paid, normally a 1099INT form, from the person you paid the interest to.

I’m going to buy an owner financed home. 2 bedroom 1 bath solid. They want 79,900 with 10,000 down at 8% over 15 years, balloons in five years. What should I whatch out for and dose this sound reasonable?

8% for an owner contract, especially if you are not financable through a lending institution, is perfectly acceptable.

The IRS has usury rates (minimum & maximum, long term & short term) that can or must be charged. State usury rates can be found here: http://www.lectlaw.com/files/ban02.htm

This is often a win-win situation for a buyer & a seller. The seller will only have to pay tax on the yearly amount of interest & whatever portion of the principal is capital gain, if any.

You in turn still get to deduct the interest on your personal residence & you didn’t have to pay 3% in loan fees & closing costs.

If the seller has an owner contract of their own that will be wrapped into the loan, it would be advisable to have all payments go to a contract collection agency so you are assured the seller is still making their payment from your payment & then they send the remaining balance on to the seller.

They also do all the IRS reporting for interest & you know how much of each payment is interest & principal.

I want to buy a home owner finance but I see all these calculators on the owner finance websites in my area and I don’t know what percentage to use. I live in Texas.

It is usually high, because you are usually a very bad risk, 8-9%.

She gave no notice and did not pay for the month that she was still there. They say it will be a default hearing so what can I expect? I am sure she will not attend as she never responded after papers were served on her. Will they issue a judgement or will there ever be any possible way of them making her pay what she owes?

You’ll get a judgement against her and that opens the door for you to legally go after the amount owed. You can file to have her wages garnished. Also a judgement can be put on her credit report…

I am looking to find a owner financed mobile home with at least an acre of land,preferably off of 2978 or Dobbin Huffsmith Rd.
magnolia texas

You may want to clarify where Magnolia is; state?

I am a note buyer who buys real estate notes back by property and help owner get CASH for his investment.

All realty mortgages and Deeds Of Trust have to be recorded at the County Recorders Office. You can get those lists free. Some are online. For the rest, you go to the Office and use the computer at the front desk. They are all there.
There is no other "list" that you can obtain for Carrybacks. Most home sellers only do this once in their lifetime..

Me and my husband are going to try and buy a home and the owner is going to owner finance…what should we ask and what things need to be addressed?

To protect yourself as much as you can, but the home on a land contract & have it recorded with the county so you are responsible for the taxes & insurance. I would also get the home appraised so you know you are not over paying for it. Pay by check & be in the land contract for 1-5 years, refinance the home & pay the land contract holders off.

Good luck! I think that this is really the way to go. I purchased my first home on a land contract & had no problems.

i have very bad credit and my husband joined me in this contract.im afraid that his credit will ruin.i live in arizona which has anti deficiency law.

you can still sell it or rent it. read your contract