Owner financing questions

[Steven Bays]

Finding a few properties that are OF, what questions would you ask from most important to less important. There are some properties I like that are advertised as owner financed and before I go in and make a fool, what would you ask to make the best decision?

[Jerry W.]

You need to of course find out the purchase price, the interest rate, the amount of the payment or amortization period, and how long will the interest rate stay at its current level. The down payment will probably be the big issue along with any possible balloon payment. It has been my experience that most owner finance properties are at or above market value.