is there any benefit to me by getting a seller to carry the note on my house? or part of it?
if a seller carries the note – they are essentially “the bank”. i guess it might not show up on a credit report… but like any home loan, I could write off the interest.
as to not having the down – it’s not that I have a “fat” lifestyle…it’s just that I have a lot of other debts. I have a huge student loan – the price I paid for getting an advanced degree and high paying job – so while I earn a decent wage – I have a large student loan payment every month, and I have a stay at home wife w 2 kids, one on the way…. SO – even with one car payment and one paid off/crappy car..and renting a modest house – making my $100k+ salary…I still don’t have a huge wad of dinero for a down payment.. and for me to sock away enough cash to have a 20% down payment on a $400-500k house would take me a decade…
i’d rather have a larger monthly payment…and get into the house I want – and sit tight in it for the next decade.
my big question is WHEN do I buy. if prices fall but financing standards tighten so much that I can’t get a 100% finance loan..then I could effectively stay priced out of the market.
if i could find a hosue NOW that I love, will stay in forever..an dcould get 100%….maybe I could just weather the price drops. and ride it out.
problem is the house I like…is listed for $500k. the seller will throw in closing costs, and migth drop the price a tad..but not a ton. there is one on the same street, identical – for rent for $2000.
do the math.
buy at 100% for $500k
OR
rent the SAME thing for $2000.
it doesn’t make sense to buy it.. at least I don’t think it does….
