Posted by: Ken ®
10/25/2003, 14:06:40
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What's the difference between the 2? In either case, you get money up front, termed as either a "down payment" or "option money". You both may negotiate the monthly payments. Seems you can have a quit-claim deed filled out with the tenant or buyer from the start to prevent a lengthy foreclosure process in case the t/b (or purchaser) defaults on payment, right?.
***I've read in 2 different courses by some really hot gurus that if you have a quit-claim deed filled out in the beginning, the foreclosure process (owner finance scenario) becomes a non-issue. That was a real eye-opener, but there are a few that say that doing that is worthless. Is there a definite answer?***
Also, you can finance or l/o for 1-2 years and require either a purchase or ballon payment or l/o renewal at the end. Are both "financing techniques" basically the same, but with different terminology?
Sorry, I'm still new at this and searching for answers, so I know I'm missing something. Can someone straighten me out here?
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