Is anyone on here doing owner financing in FL? If so how are you getting around the states law. From my understanding ( i have not researched it yet) FL doesn’t even allow you to one owner financed home, UNLESS you sell it to an investor.
Is anyone buying sub-to and then doing a wrap and selling it to a consumer in FL?
From what I understand, you can Owner finance your homes but you need assistance to do it from a Mortgage Broker who has met the required education and licensing set forth by the NMLS (National Mortgage Licensing System).
The whole idea is to make sure that the consumer is not taken advantage of. Speak to a mortgage broker in your area and they can shed more light on it.
I figured it out, but now I have to move back to OK. Family issues. Back to what I know.
The SAFE ACT is a blessing in disguise.
All of the sudden, we’ve got leverage over the buyers, we didn’t have before.
All of the sudden, the average, credit-hiccupy, borrower/buyer can’t just find any old seller to get financing from. Why?
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Because of the seller’s fear of the predator borrowers that will find an excuse to sue and get all their money back and bankrupting the seller in the process.
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The inability for any seller to wait 30 years for all his money.
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The inability for a Seller to charge an interest rate that covers the existing rate on his underlying loan(s). It’s not a simple matter of setting whatever interest rate works between the parties involved.
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The hundreds and hundreds of dollars of upfront fees to monitor and qualify every single prospective buyer who makes an offer; to approve the offers; approve the counter offers; and bring every contract into conformance with the federal law by a mortgage loan originator (MLO).
In the end, no buyer can expect seller financing, if they cannot first qualify for conventional financing. That ends seller financing as we’ve known it in the United States.
You can thank Barney Frank, Christopher Dodd, Nancy Pelosi, and Harry Reid and the rest of the democrats ( I would call them ‘liberal’ democrats, but that’s redundant) for this monstrously dysfunctional gift to Citibank, BofA, Wells Fargo, and the rest of their financial cronies on Wall St.
However, there is a very bright light emerging at the end of this long, dark tunnel.
Your dangling the cheese Javipa. What does this light be-hold?
I’m a little behind on my research.
Do tell - what’s the light at the end of the tunnel?