Finance With Owner

Owner Financing is a great vehicle for both Sellers and Buyers.

Sellers if you are looking for any of the following benefits, then owner financing may be for you:

• Top sales price for terms rather than cash
• Tax deferment possible by using installment terms
• Higher return (interest rate) on your money
• Monthly income
• Larger pool of perspective buyer
• Quicker Sale
• Convert equity to cash
• Owner can reclaim home if buyer defaults
• Less documents required resulting in lower closing costs
• No commission or reduced commission to real estate agent

Buyer Benefits:

• May be able to buy a home they can't qualify for with conventional financing.
• May be able to negotiate better terms such as lower payments or a smaller down payments.
• May be able to position themselves to add substantial value by fixing up or renovating.
  

Sellers looking for prospective owner financing clients should know that most people looking for owner financing will have some negative items on their credit report.

Buyers looking for owner financing should be ready to place with their seller a down payment. Down payments, terms and interest will vary depending on whether you are signing a lease-option or lease-purchase and the individual circumstances surrounding your transaction.

Owner financing can be a win-win situation for both Seller and Buyer. Don't make it a win/lose situation by entering into any transaction without first doing your homework and consulting your advisors.

Never take shortcuts or the easy way out. Each side should have legal representation representing their best interest look at all documentation. Have an attorney conduct a title search and the closing. Buyers should always request an owner's title insurance policy which will cover hidden defects not traceable by your attorney when searching public records.

Our mission at FinanceWithOwner.com is to scour the internet and provide you with links and information to enable you to begin the education process.

Be sure before signing any documentation to contact your legal representative and certified public accountant to check for legal and tax ramifications if any.

Is this Heaven...Part 2.

It's amazing what people see when looking at what seems to be apparently the same scenes.

Case in point. I was recently on OIB at the community center overlooking a beautiful stretch of beach. It was still quite cool (lower 60's). I stayed on the walkways out of the sand while my wife took a walk on the beach. A few people were coming and going.

A young couple from Nevada with small children were making their way onto the beach, towing their chairs and coolers when one of the youngsters said to his Mom, "There are a lot of old people here." "Shhh, be nice" she said. I looked around and sure enough there were several couples walking and/or sitting on the beach that most people would have called "old".

One of the "older" couples came walking off the beach, looked in to maybe be in their late 60's or early 70's, I'm not very good at age anymore. She was helping him balance his way up the stairs. He looked over at me and said, "I guess the tourist are starting to come back." "Yes" I said, "seems like they are." "Before you know" he said as he stopped to rest a minute, "there won't be be room to walk for all the kids."

My wife and I have been coming to the OIB area for 30 years or so and dreamed for years of living here full time. About 10 years ago we bought a condo and started coming down a couple times a month. About 5 years ago we moved here permanently. I hear my friends talk about how crowded it's getting and how expensive things are, how rude some people are and how noisy it is on the beach and in restaurants, shops, etc.

I don't think they are seeing what I see or for that matter hear what I am hearing.

Let me tell you what I really see. When I watch my wife walking down the beach I not only see the mother of our children nor just the grandmother of our grandchildren. I see my beautiful bride as she is walking and admiring the ocean. The struggles we've been through, the achievements we've had only make her more beautiful. My heart still skips a beat when she tells me she loves me.

The couple walking up the stairs and resting for a moment to catch their breath, I'll bet they see each other totally different than we do. I imagine they have been through a lot together also.The "young" people from Nevada with the noisy kids. I seem them getting hooked on the beach too and starting to dream about retiring here also.

Welcome I say. Come on down. You will love it here. It's just a piece of heaven.

How does my beauty of a wife see me? I can't walk on the beach with her anymore. I can't chase her around anymore like I used to. I can't do a lot of the things I used to do but somehow I know she sees the man that loves her and not what everyone else sees when they see me.

Take a real good look at your surroundings. Maybe you see them so much it is hard to see what is there.

We don't live in the condo anymore. We have a house on a golf course in the Sunset Beach area living out our dream. No we are not rich in the way most people consider rich. We have been through our struggles, sometimes having more than we needed, sometimes less than we needed. We have made good decisions and we have made bad decisions.

Life is a rollercoaster ride. Slow climb up, fast ride down but exciting none the less.Wherever you might be in your ride, the next turn will be exciting. Don't let the little things get you down. After all we haven't seen what's around the next corner.

Look and see it differently this time. It just could be wonderful.

Happy Pappy

Is This Heaven?

Almost everyone I meet is from some area outside of coastal Brunswick County. Some came here originally on vacation when they were younger. Some came almost every year either with parents or as parents bringing children of their own to see the ocean, relax a little and play on the beach for a week. Some came to play golf and dreamed of retiring and buying a home at the beach. Some have homes in other areas of the state or nation and come here often to relax.

I spoke with a man at Hardee's recently. He was retired truckdriver from the North Carolina mountains. He was an avid golfer and even a "close to scratch" golfer on his home course back in the mountain region where he had played several times a week. He and his wife bought a home at one the local golf resort communities a few years back before retirement and once they retired they sold their mountain home, paid off the mortgage on their dream retirement home and moved here fulltime. Once an avid golfer he went on to say that past injuries didn't allow him to play on the golf course as he had once dreamed about but was still happy that he was here at the beach and living out his dream retirement.

Some of us came here to find jobs, some came to retire. Yes it is booming. Yes there is a lot of traffic. Yes there are a lot of people on the golf courses, beaches, restaurants, roads, grocery stores, shops and sometimes during the summer months its seems like you have to stand in line to get in line.

Oh, you say....what does all of this have to do with traffic problems and public input? The answer is........BE THANKFUL.

TO THE CITY PLANNER: Be Thankful because without all these people there would be no need for a city planner.

Sure, it would have been better if someone could have looked into their crystal ball and accurately predicted when and where everyone would live and work but there were some misses along the way.

People have a way of managing. Planned and crisis management are two types of management we see the most.

Planned: Lay it out on paper, build it, hope it sells.

Crisis: Boy we guessed wrong, it sold 10 times faster than we thought. Now let's go to the fix it mode.

RESIDENTS: BE THANKFUL that we have willing people in planning, crisis and fix-it mode in all of our area beach towns and cities. Some American cities are in reverse boom crisis. Their people are leaving businesses. Plants are closing, traffic is down, property values are declining, tax bases are disappearing and services are hard to come by.

In the movie "Field of Dreams", the question is asked, "Is this heaven?". Kevin Costner response was, "No, this is Iowa." His father went on to state, "Oh, I was sure this was heaven". Kevin Costner asked, "Is there a heaven?". John his father stated, "Oh yes, its the place where dreams come true." Kostner responds with, "Maybe this is heaven."

For most of us Brunswick County is Heaven on earth or at least where our dreams have come true. Let's all try to be a little more patient, courteous and forgiving on the roads and lines until the planning, roads and other structures can catch up.

Happy Pappy

Eight Ways to Improve Your Credit

Eight Ways to Improve Your Credit

Credit scores, along with your overall income and debt, are a big factor in determining if you’ll qualify for a loan and what loan terms you’ll be able to qualify for.

1. Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.
2. Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score.
3. Don’t charge your credit cards to the maximum limit.
4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.
5. Don’t order items for your new home you’ll buy on credit—such as appliances—until after the loan is approved. The amounts will add to your debt.
6. Don’t open new credit card accounts before applying for a mortgage. Having too much available credit can lower your score.
7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.
8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, Knowing and Understanding Your Credit, visit http://www.homebuyingguide.org/ www.REALTOR.org/realtormag Page 5 Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® . Copyright 2003. All rights reserved.

What is Title Insurance

What is Title Insurance?

When you sign a contract to purchase a home, it usually takes between 30-60 to complete the transaction. During this time, usually referred to as the escrow or closing period, many activities occur to secure a loan and to transfer the property from the seller to the buyer.What is a Title Search?One of these steps is called a title search. A title search is conducted to determine who owns a property. A property’s title records the history of ownership about a property and identifies any parties that have an interest in a property. A clear title indicates that the current seller has full rights to sell the property,A title company or their representative usually conducts a review of a title. These people are looking for any notations in the title’s history that would suggest problems in clear ownership of a property. Any problems identified in a title are commonly referred to as “defects” or “cloud on title.”Defects or Clouds on Title There are many causes of defects or clouds on title. These defects or clouds could have occurred with the current owner or with any previous owner of a property. For example, two owners prior to the current owner, a husband may have sold a home without the permission of his estranged wife. The “wife,” in this example, may have some claim of ownership to the property since the property was sold without her permission. There may be other problems in a title such as forged or missing documents, unpaid taxes, liens, judgments, or other claims against ownership to the property not uncovered in the title search or review of public records.In most cases, a title search does not reveal any problems with a title, and if problems are identified, they are resolved before the property changes hands. However, there are occasions that claims against a property are filed after the new owner takes ownership of a property. So this creates a problem for the new owner and their lender because other parties are asserting an ownership interest in the newly acquired property. This is the type of situation that title insurance was designed to address.How is Title Insurance Relevant? Title Insurance is an insurance policy issued by an insurance company to cover beneficiaries if there are claims against a title. If defects are found after a buyer closes escrow, then a title policy usually covers the expense to remedy the defect (if possible), or pays the insured for any loss due to the defective title.If you get a home loan to purchase a property, most lenders will require that you purchase title insurance for them at your expense. This will cover the lender against any claims filed against the title of a property. Lenders usually require this coverage. Title Insurance companies also offer coverage for the homebuyer, but this is optional and is separate from the coverage required by lenders.Compare Companies As with any other form of insurance, different companies cover different items and charge different rates. Be sure you understand what your policy covers, since each company will have their list of included and excluded coverage items. You should also know that you might be able to get a lower rate on title insurance if the current home seller provides you a copy of their title policy. In these situations, you may be able to use the same insurance company and request a “reissue rate.”Title Insurance Cost The cost for title insurance is usually charged as a one-time fee and itemized as part of your closing costs. While rates vary from company to company, they generally range from 0.5% to 1% of the mortgage amount. Be sure to get several bids when comparing title insurance.Bottom Line A title insurance policy will provide you or your lender protection against defects in a title. There are separate policies for both the lender and the homebuyer. The lender usually requires the homebuyer to purchase title insurance for the lender and pay the expense. The owner’s coverage is usually optional. The title insurance industry is a competitive business so it’s best to compare rates and coverage benefits between companies. Title insurance is a complex decision, so be sure to talk to your real estate agent or attorney before making any decisions about title insurance.
About the Author:San Diego Condos Downtown San Diego Homes Leucadia Condos

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