| |  |
| Home | Law Advice | Insurance Advice | Community |
| |
| ||||||||||||
| |||||||||||||
| | |||||||||||||
| |||||||
| | |
 |
| | LinkBack | Thread Tools | Rate Thread | Display Modes |
|
#1
04-09-2001, 02:41 PM
| |||
| |||
| Hello! Please tell me a little about the term, "Owner Will Carry", and also "Owner Will Carry If Qualified". I am confused about how this works, whats involved, etc. My wife and I are first time buyers, looking for something and found a cute little fixer upper in the area we love. We want to know what OWC means... Thanks for the advice! Jason Also, if anyone has used OWC, how did it work out for you? Thanks again! |
|
#2
04-09-2001, 05:31 PM
| |||
| |||
| It means that if you buy their home, the owner will help you carry your furniture and boxes and help you move in. It means that the owner/Seller will carry the financing such that you the buyer will not have to get their own financing from a mortgage lender. In essence, Seller becomes the lender. The type of transaction is commonly called a land sales contract, contract for deed, installment contract and/or Seller carries a second mortgage or Purchase Money Mortgage. "if qualified" is self-explanatory. [Edited by HomeGuru on 04-09-2001 at 05:34 PM] |
|
Linear Mode
