Ownerfinancingetc.com is a site produced by the Guerra Days Law Group that focuses on making sure buyers and sellers get the benefits of owner financing, while staying compliant with the regulatory laws. The owner financing contract is prepared by our Houston real estate attorney to ensure that the Sellers and Buyers get what they bargained for and properly address potential issues that may arise.
Owner financing is when a buyer of a property is financed by the seller. Instead of acquiring a third party loan to purchase the property, the buyer creates a loan with the seller and makes monthly installments until the loan is paid off. Typically the requirements to qualify for these types of loans are significantly less difficult since the seller is the decision maker on whether or not the buyer qualifies.
Since this is a higher risk financing option, the seller will usually charge a higher price and higher interest rate. Although terms are higher, it is an opportunity for a buyer to purchase a home, have tax deductions, and build equity.
Whether you are a Seller looking to sale a property for top dollar or a buyer looking to purchase a home where traditional financing is not available, owner financing can be beneficial for all parties. Although this type of financing can be beneficial, it can also be problematic if conducted improperly.
The list below are some of problems that could arise if documents are not properly prepared:
Misallocation of Payments
Erroneous Escrow Accounting
The above listed issues can be stressful, time consuming, and costly to fix. As a Seller or a buyer, you want to make sure you can minimize or eliminate the chances of these issues happening on your owner finance contract.
While the laws changed substantially between 2008-2010, the Guerra Days Law Group has been at the forefront of owner financing litigation. This experience has given us the insight on what the courts view as lawful and favorable while conducting owner finance transactions.
With our litigation experience, we have put together a network of real estate professionals to ensure you are conducting a owner financing contract with the least amount of liability and risk. From attorneys, mortgage servicers, title companies, insurance agents, residential mortgage loan originators, and real estate agents, the Guerra Days Law Group has all parts of the transaction covered. When you hire a competent Houston real estate attorney from our office, the owner financing contract is done correctly, and everyone wins!
If you are in the process of conducting an owner financing contract and need assistance or guidance, please “Get Pricing Now” or Contact Us for further information. Correction is much more expensive than prevention. Make sure you are conducting your owner finance contract right from the start and get in contact with our local Houston real estate attorney today.