For Sale By Owner? Owner Financing..

**chollington** · 04-28-2010, 11:47 AM

My husband and I are looking at lots in the Freeport and Santa Rosa Beach areas and would love to find one with Owner Financing. We own a house in Defuniak Springs and are looking to build in Freeport in the next 3-5 years. Please let me know if you, or someone you know is interested. We are interested in a 1/2 acre or bigger, but would really look at anything. Thanks!

**scooterbug44** · 04-28-2010, 03:07 PM

Make sure it is not a deal where if you default they keep your money and the land.

One of Papa Scooterbug's hunting buddies has "sold" his land several times but still owns it because of those.

**chollington** · 04-28-2010, 03:27 PM

Thanks for the advice Scooterbug!

**Lynnie** · 04-28-2010, 05:59 PM

Originally Posted by scooterbug44

Make sure it is not a deal where if you default they keep your money and the land.

One of Papa Scooterbug's hunting buddies has "sold" his land several times but still owns it because of those.

If a commercial bank finances the land and you default, they keep your money and the land. It shouldn't be any different if someone decides to finance it themselves. All of this is outlined in the mortage and promissory note.

**Bobby J** · 04-28-2010, 10:18 PM

Originally Posted by scooterbug44

Make sure it is not a deal where if you default they keep your money and the land.

One of Papa Scooterbug's hunting buddies has "sold" his land several times but still owns it because of those.

What else would it be?

**pk305** · 04-29-2010, 10:52 AM

Originally Posted by chollington

My husband and I are looking at lots in the Freeport and Santa Rosa Beach areas and would love to find one with Owner Financing. We own a house in Defuniak Springs and are looking to build in Freeport in the next 3-5 years. Please let me know if you, or someone you know is interested. We are interested in a 1/2 acre or bigger, but would really look at anything. Thanks!

What's your price range? And what else would you like to have with this property....private dock? I have one lot in Freeport and know of several others that might do owner financing.

**seagrovegirl** · 04-29-2010, 12:45 PM

Originally Posted by chollington

My husband and I are looking at lots in the Freeport and Santa Rosa Beach areas and would love to find one with Owner Financing. We own a house in Defuniak Springs and are looking to build in Freeport in the next 3-5 years. Please let me know if you, or someone you know is interested. We are interested in a 1/2 acre or bigger, but would really look at anything. Thanks!

PM me, I have a lot off of Bay Loop (near the Bay and abuts Beatrice Creek.) 3/4 acre wooded with oaks. Asking $75,000 owner financing term negotiable.

**chollington** · 04-30-2010, 10:52 AM

Price range really depends on lot location, size, etc... We would like to stay under $30,000. I don't really want anything ON the water because of insurance rates, but if the price is right, we will look into anything.

**Capricious** · 04-30-2010, 01:58 PM

Originally Posted by chollington

Price range really depends on lot location, size, etc... We would like to stay under $30,000. I don't really want anything ON the water because of insurance rates, but if the price is right, we will look into anything.

I really don't think you are going to have to worry about waterfront
if you want to stay under $30.000.00, at least on the gulf coast ;)

Now, if you were interested in lakefront land on a midwestern lake.
I have several parcels ranging from 5 acres to 27 acres that I will
finance for 30 years fixed, no ballon, no pre-payment. Also, this is
not a "land contract' or 'contract for deed;" You get a warranty
deed and even owner's title insurance (as long as you pay for it.)

Mostly wooded. 7,800 acre Corp of Engineers lake.

Starting @ $29,900.00 with 10% down

Sorry, no sugar-white sand. (but no oil, either)

Capricious

**chollington** · 04-30-2010, 02:33 PM

Capricious- I totally knew that! :) Also, I would love to purchase land from you on a lake!!...... (If I wanted to move across the country for the 1st time in my life being 6 months pregnant!) ;) We are really just looking for a good deal in the area. I have found quite a few lots in the area in our price range, but no owner financing.

**Capricious** · 04-30-2010, 02:50 PM

["... have found quite a few lots in the area in our price range, but no owner financing...."

The problem is that the owner cannot finance if he/she owes money on it,
and most people owe money. There is usually a due-on-sale clause
in the existing financing.

One will often see real estate offered for sale on a land contract or
contract for deed arrangement in an attempt to offer owner
finance while cicumventing the due-on-sale clause.

Personally, I would not purchase under that arrangement.

Capricious