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Owner finance a home owned by a third party
I am concerned about buying (?) a home that is being offered owner finance when this property is owned by a third party who is financing it for the person wanting to sell it. Doesn't the first motgage need to be paid before he can offer owner finance to anyone?
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It's probably a very big risk to buy it that way. There most likely is a "due on sale" clause on the loan and the lender can foreclose if it isn't paid off. Check with a real estate attorney and have them review the documents. It should cost a few hundred dollars and save you thousands. |
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