January 2012 Weddings
Dear Community,

Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

If you have questions about this, please email help@theknot.com.

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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.

House Update: Owner Financing

After a week of emails we finally got to go to the bank to meet with the loan officer. They printed our credit report and it was not good news Sad Right now because of our credit, we will not be able to qualify for a home loan. Our student loan and late payments on them are the main reason.

The loan officer told us we could look into owner financing. We are going to talk to the realtor and see if she can talk to the seller and see if he is willing to owner finance. The only thing is the loan officer seemed to think the house is overpriced and will not appraise for the asking price.

Does anyone know anything about owner financing? Is it good/bad etc? Would you do it?

Any thoughts are welcome :)


Daisypath - (aAP5)image image Lilypie - (ox0D)

Re: House Update: Owner Financing

  • Never heard of it.  Sorry.  You could try the buying a home board to the left.  I lurk on there and they seem to be knowledgeable.
  • Basically it means the current owner of the property becomes your "bank" and you'll make loan payments to them.  This usually won't work if the owner needs the proceeds from the house in order to buy their next house.  No idea what the legal implications of this would be (ie. how to protect yourself).

    My guess is the late payments on your student loans probably hurt more than the loan amounts, but I'm saying that without any knowledge of your loan balances.

    http://en.wikipedia.org/wiki/Seller_financing

    Daisypath Anniversary tickers
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