Additional Information
As with most good things, there is also one potentially negative issue we need to mention before we go any further. In most mortgages since the late 1980’s, a clause has been inserted that allows the bank to demand full payment of the loan in the event the title of the property is transferred to a new owner. However that being said, it is very unusual for a bank to use this clause as long as payments are being made in a timely manner. Today banks have enough non-performing loans and they don’t want to add any more to the list. Almost every time a bank is forced to foreclose on a house they know that they are going to lose a lot of money, so they would prefer not to force individuals into that position. Consequently our experience is that though a bank may threaten to call the loan, it happens far less than one percent of the time, again as long as monthly payments are being made in a timely manner. Further we do not try to hide the fact that ownership is changing hands, as a matter of fact we send them a notice prior to the closing, as is required by Texas law.
There are several variations of owner financing, however, two of the most common are as follows:
First, owner financing by a seller who owns his property free and clear and is willing to accept monthly
payments on the property instead of demanding an all cash buyer. This is often the case of older individuals
that would prefer to have an additional monthly income to supplement their life style. They can usually get
a slightly better interest rate on the home sale than on certificates of deposit and other similar investments,
plus their investment is secured by a note on a home, and they don't have to rely on the bank's business practices or stock that can ebb and flow based on factors beyond their control.
Second is owner financing by a seller who still has one or more notes outstanding against their home. In
this case the seller is willing to give you title to the home provided you agree to make all the monthly payments
due against the house. This is usually done when the seller needs to be relieved of the monthly mortgage payments so they can move elsewhere. There are many things that can prompt this to happen, such as job loss, a divorce, medical expenses, or a promotion to another city that requires the sale of the property. With it being more difficult for buyers to obtain new mortgages, the seller may opt to provide owner financing to obtain a sale more quickly than using other conventional sale methods.
Once the buyer has selected a new home they wish to acquire, one of our representatives will sit down with the buyer and explain the process in more detail, plus answer any questions the buyer may have, before the parties proceed to closing.
Homeownership is one of the most important positive steps you will take in your lifetime and we want the experience to be a pleasant one.
Again, if you have credit issues that kept you from seriously considering homeownership in the past, don't waste any more time, complete your Buyer Information and submit it to us, so we can start looking for your new home!
As with most good things, there is also one potentially negative issue we need to mention before we go any further. In most mortgages since the late 1980’s, a clause has been inserted that allows the bank to demand full payment of the loan in the event the title of the property is transferred to a new owner. However that being said, it is very unusual for a bank to use this clause as long as payments are being made in a timely manner. Today banks have enough non-performing loans and they don’t want to add any more to the list. Almost every time a bank is forced to foreclose on a house they know that they are going to lose a lot of money, so they would prefer not to force individuals into that position. Consequently our experience is that though a bank may threaten to call the loan, it happens far less than one percent of the time, again as long as monthly payments are being made in a timely manner. Further we do not try to hide the fact that ownership is changing hands, as a matter of fact we send them a notice prior to the closing, as is required by Texas law.
There are several variations of owner financing, however, two of the most common are as follows:
First, owner financing by a seller who owns his property free and clear and is willing to accept monthly
payments on the property instead of demanding an all cash buyer. This is often the case of older individuals
that would prefer to have an additional monthly income to supplement their life style. They can usually get
a slightly better interest rate on the home sale than on certificates of deposit and other similar investments,
plus their investment is secured by a note on a home, and they don't have to rely on the bank's business practices or stock that can ebb and flow based on factors beyond their control.
Second is owner financing by a seller who still has one or more notes outstanding against their home. In
this case the seller is willing to give you title to the home provided you agree to make all the monthly payments
due against the house. This is usually done when the seller needs to be relieved of the monthly mortgage payments so they can move elsewhere. There are many things that can prompt this to happen, such as job loss, a divorce, medical expenses, or a promotion to another city that requires the sale of the property. With it being more difficult for buyers to obtain new mortgages, the seller may opt to provide owner financing to obtain a sale more quickly than using other conventional sale methods.
Once the buyer has selected a new home they wish to acquire, one of our representatives will sit down with the buyer and explain the process in more detail, plus answer any questions the buyer may have, before the parties proceed to closing.
Homeownership is one of the most important positive steps you will take in your lifetime and we want the experience to be a pleasant one.
Again, if you have credit issues that kept you from seriously considering homeownership in the past, don't waste any more time, complete your Buyer Information and submit it to us, so we can start looking for your new home!
Snikle Financial Corp
"Making Life
Easier"
Easier"
Home Page Buyer Information Rent Vs. Mortgage Additional Information
Want to sell your note? Disclaimer
Want to sell your note? Disclaimer
To Whom It May Concern:
This letter is to introduce Darrell and Jeff Elkins of Snikle Financial Corporation.
In line with a recent work-related move to Houston, I had occasion to purchase a home from Snikle on an urgent basis. Darrell and Jeff were open and aboveboard in every respect, were sensitive to my needs, and accomodated all reasonable requests.
Their description of the property was detailed, accurate, and supported by numerous photographs.
As I have traveled to Houston, they performed various errands on my behalf, providing utility numbers, suggesting local vendors, and even securing and installing a new stove for me.
The property was exactly as described, if not better.
The settlement procedure was the easiest and most informal I have ever experienced.
I highly recommend Darrell and Jeff Elkins of Snikle Financial Corporation to any potential buyer in search of a fine home at a reasonable price.
Cheers,
James F. Shipp
This letter is to introduce Darrell and Jeff Elkins of Snikle Financial Corporation.
In line with a recent work-related move to Houston, I had occasion to purchase a home from Snikle on an urgent basis. Darrell and Jeff were open and aboveboard in every respect, were sensitive to my needs, and accomodated all reasonable requests.
Their description of the property was detailed, accurate, and supported by numerous photographs.
As I have traveled to Houston, they performed various errands on my behalf, providing utility numbers, suggesting local vendors, and even securing and installing a new stove for me.
The property was exactly as described, if not better.
The settlement procedure was the easiest and most informal I have ever experienced.
I highly recommend Darrell and Jeff Elkins of Snikle Financial Corporation to any potential buyer in search of a fine home at a reasonable price.
Cheers,
James F. Shipp