How do I search for sellers willing to do a sellers or silent second when selling their home?
I can only get 80% financing for a mortgage right now so I need to find a seller willing to do a sellers second on 20% but it is dificult...is there a website where I can search for those specifically instead of weeding through for hours???
Public Comments
- Short of looking through the classifieds, your best bet would be to contact an agent who has access to the MLS and ask them to do a search for you. The basic criteria is something along the lines of: owner may carry, or owner carry second...
- Hello Jennifer, Luckily, the real estate market has shifted back to a buyers market (in most areas). It might be more beneficial to talk to a few more lenders. If this will be your first time buying a home, you can potentially receive VHDA financing. This type of financing will allow you to cover your closing cost expenses (typically 3% of the sales price) and generally is a more lenient loan program. As to a website where sellers are offering owner financing? I haven't been able to come across that yet, but I bet its out there. Continue to check your local paper and because the market has shifted, some sellers may be willing to negotiate with you over this 20% problem you have. Hope this helped a bit Jennifer, you can always wait another six months and build your credit up buy paying down debt and making larger payments ahead of schedule on a consistent basis. Rates will continue to stay low and the real estate market is allowing you to negotiate now...this is a very nice feature for you. Good Luck!
- Find the house first and then ask the seller. Why is it that you can only get 80%? Why not put 20% down? There is a reason the bank will only lend you 80% you know. Maybe the house is not worth what you are paying. Maybe you can't really afford to pay more. Think about it...
