I'm currently in the process right of buying a two family under an FHA 203k closing at the end of this month. Now my coworker just called me today to tell me he wants to sell his two family house. He owned it for many years and its paid off. If I'm interested in buy his house, how can I do it? if I already have one house under agreement and in the process, what are my alternative options? I heard of owner financing but how does that work?
Nice problem to have! Do you have enough to put down on your coworker's place to keep him happy while you close on the other deal? Your bank is going to want to make sure that you don't spend your down payment for them before you close.
Owner financing means that you and your coworker can negotiate everything, the length of the loan, the rate, how much down, etc.
So I thought he paid it off but it turns out he does have a mortgage on it. He’s also not interested in owner financing either. What other alternative do I have?
Could I apply for a conventional loan while the other one is in process?
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