their buyer’s failure to pay. Sellers are also responsible if the buyer defaults on the loan and may have to initiate foreclosure. 4. Existing mortgage issues. If the seller already has a mortgage on the property that they are selling, there may be existing liens that complicate the loan payback process. If the seller is relying on the buyer to cover their mortgage payments and the buyer defaults on their loan, the bank is able to foreclose on the home which puts both parties in an unfavorable position. With all of these pros and cons, when is it a good idea to pursue a seller financing purchase? Seller financing is usually most attractive for those who may have trouble obtaining a traditional loan either due to poor credit, self-employed.
WHAT YOU NEED VS. WHAT YOU WANT
After deciding to buy or rent a new home, and before beginning the home-search process, you need to know what type of home you’re looking for. It’s an all-around good approach to have a fairly concrete vision regarding what types of features and amenities you’d like in your home. There are many types of properties out there. Knowing what you need in a home, as well as what you want or would like to have, is important. That knowledge will help you narrow down your search and focus on a specific type of home. In turn, that will save you a lot of time. It will also help you get into a home that meets your needs. Imagine your dream house. It fulfills all your needs, such as a good roof, sturdy foundation, modern fixtures and appliances,
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