Is buying a house through owner financing a good thing?

Question

Is buying a house through owner financing a good thing?

Answer 1

If the rate and terms relative to your credit worthiness are better than what you can get at a bank, absolutely. Have a real estate lawyer exam the terms for you.

Answer 2

Only if they provide you with title insurance that protects you that the property is free and clear, or it is done with cooperation of their lender.  You do NOT want to go into it blind lose the property to foreclosure because they took your money and did not pay off their lender or other liens.

After buying property and having the easement misrepresented, I would highly suggest hiring your own real estate attorney to go over everything.  That can be cheaper than problems years down the road.

Answer 3

Only if the house is owned outright, with no existing mortgage.