Good Morning//afternoon eveyone,
Quick Question - Is owner financing reported to othe credit bureaus? If I acquire a property using owner financing am I obligated to tell a bank of the obligation if I purchase another property using a convential lending.
Owner financing is usually not reported to the 3 credit bureaus, but it is solely up to the note holder. When you sign loan documents with a conventional lender you are stating that you have provided all information about your debts, subject to perjury. So ask yourself if you believe you are obligated to tell the bank of your seller financing. We all know right from wrong, but we can rationalize any behavior to justify it.
God Bless You!
That is an interesting question. I would also like to know if there are any requirements on reporting to the credit bureaus myself. I'm interested in using seller financing to acquire my first real estate property. The property is owned by another REI and he is tired of the rental game. He is selling a duplex for 35k wtih 2100 sq ft which has two tenants occupying the property generating cash flow of 1125.00 per month. Needless to say, he doesn't have a mortgage so no banks are involved. Sorry I don't have any answers for you but I would like to know what impacts seller financing would have on the buyers credit if applicable.
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