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What does it mean when a seller says Owner Will Carry and what are the advantages or disadvantages for the buyer?
Wiki User
∙ 16y ago
Owner will carry - means that the owner will hold the note for financing. This can be advantageous due to the leniency of the owners financing criteria, lack of down payment requirements and other issues a typical mortgage company would rather not deal with. However, It will not be reported on your credit report as typical mortgage would. If this is your first purchase, I would recommend that you not attempt this on your own. There are several aspects to real estate that could overwhelm someone with no experence in that field. Ask a friend who is a realtor or loan officer to assist you.
Wiki User
∙ 16y ago
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What does owner will carry real estate?
owner will provide 'seller financing" a purchase money mortgage. it could be either a 1st or 2nd mortgage. Seller is willing to provide some of the financing or all of it so conventional financing(banks) are not needed. You sign a promissory note with the seller an IOU a promise to pay.
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Until the sale is closed and funded the seller is still the owner.
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If a Trust is the registered owner, then it would also be the legal seller.
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Realistically, you can't.
Where can you find a release of lien for an owner financed property and being that the owner's have died?
Once you have paid off the loan to the seller, or the seller's estate or heirs, they should give you a lien release.
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A business owner can go in business for themselves to make more money, but it will take long hours. A business owner can start a business to meet the demands of customers. A disadvantage to that is the fact that customers are very demanding.
What is a second trust deed taken back by owner mean?
That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.That means the owner-seller has agreed to take a second mortgage that will be a junior lien to the primary purchase money mortgage.
