Ok, i know that was a weird post title, lol. Anyway, here is the situation. I am renting a home that i would eventually like to buy with my own financing. Im trying to improve my credit scores right now to do so, but it will take a while. The property is owned by a trust, i believe. The true owner is old and lives out of town. He has a friend hes known a long time manage the property. Here is the problem: I have approached the property manager on either a lease purchase or owner finance. The property manager said that the owner will sell, no problem, but the property manager keeps coming back with unrealistic (in todays market) terms. The property managers wife is in real estate, and i get the feeling they may be trying to block any deal i do, so that they can acquire the property for little or nothing down the road. The property manager said the owner wanted 40,000 down and a balance of 80,000 on a owner finance. He even mentioned the due on sale clause. Why would the due on sale clause NOT be a issue on the 40,000 deal, but he brings it up in later conversations. Seems like he wants to say anything to discourage me. Sooo, my question is this: my lease is up at the end of the month. I know the true owners contact information. Would it be a mistake to just call and deal directly with him, cut out the middle man??? Is that bad business, or do what i feel i gotta do?
Beats me why you didn’t go directly to the owner in the first place. The manager has no say in whether the property is sold or not.
Nearly every mortgage has a due on sale clause. You should have expected it. It’s very industry standard.
1/3 down with owner carry is also pretty much industry standard. Plus a much higher interest rate than the banks are asking and a top of the market sales price.
I can’t see anything that the manager is doing to block you. Except that you should be dealing with the owner.
Hey, you’ve got lousy credit and no money. Maybe you aren’t ready to purchase a house. Fix your credit and save some money up and then you will be able to purchase a house.
If you look around and are willing to move, you might be able to find a property where the owner is more eager to sell and more willing to either carry paper, or give you a lease option.
if YOU knew how the credit industry really works, you wouldnt have made the remarks you did. info for those in the KNOW.
Kind of bizarre response from tatertot :huh considering we’re in the sub2/owner finance/lease options forum not the how to buy conventionally forum.
Anyway, YES moorman by all means talk to the owner directly, the manager has no say in the deal one way or the other. You want to hear direct from the owner what his wants and needs are. Worst case scenario there are 100 million other houses out there that you can buy with nothing down. :bobble