Open Houses ...

[Uwe S.]

... stupid question I know, but I´m not firm with the US :oops: .
Tomorrow I will look at open houses in greater Cleveland area, I found three with possible owner financing.
Can I go to these houses or do I need any POF or cash ^^ or any other legitimation??

Thanks for your your replys.

-Uwe

[Bill Gulley]

Hi Uwe, good question! POF has become popular in the past few years as banks have really found that requiring POF keeps them from dealing with dead beats. Generally, a seller is not that sophisticated to make POF a requirement up front, but it may be asked by a listing agent. If nothing is mentioned in the listing then I would not worry about it.
How you impress the listing agent and seller in making the offer will often be the key in how much of an earnest money deposit you'll need or in providing any POF. I have purchased more propoerties with seller financing with using a hundred dollars earnest money (or less) and never having to provide POF. If you come across as an investor and having no problem in doing your deals, you may not even need anything until closing, it just depends on your story of how you do deals. Just a note too, many sellers have done this before, so beware, don't forget you are the buyer and you buy under your terms. If they have to sell under their terms, they are probably looking for that poor slug primary home buyer to take advantage of. Be reasonable, you know how this works.....good luck, Bill