# Due to bad credit



## DEVILDOG (Dec 20, 2010)

Does anyone no of any sources to find owner financed properties preferably with at least a little bit of land so that I can garden and raise some farm animals to provide for my family.


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## Dusky Beauty (Jan 4, 2012)

Check your local craigslist and just start asking people that are selling, maybe even make a wanted add. If the economy has hit the housing market hard where you live or where you're looking you might connect with someone loathing some investment property or a second home they no longer need or want.


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## oregon woodsmok (Dec 19, 2010)

Going to be hard to find with bad credit unless you've got a hefty down payment. Or else purchase from one of those "rent-to-own" guys who don't expect you to ever pay it off. They take 'em back and resell them over and over.


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## oregon woodsmok (Dec 19, 2010)

Oh, wait. How far are you willing to move?


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## lurnin2farm (Jun 10, 2012)

I've bought 2 in the last 5 years and found both on Craigslist. Do a search in the real estate section for "Land contract" or "owner financing" 

I bought one property a few years ago and after 6 months decided it wasn't for me so I walked away. I lost 10k on the deal but my decision so no big deal. I immediately found this place also on CL and have been happy ever since. 

The nice thing is there is no hit to your credit if credit is important to you. The system is a mess IMO. I dont use credit cards or have any debt so I have no credit. That makes me a high risk LOL.


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## therunbunch (Oct 5, 2009)

We don't "do banks", we like dealing in cash. A lot of brokers find that perplexing but it IS possible! We got our house owner-financed. We just told our agent to ask the sellers of the homes we were interested in if they would be interested in such an arrangement. We stuck to our guns and ended up with the exact house we wanted. We own it out-right. We did put $15k down so do have some money to put in the ring from the get-go, it really helps to show you're serious. LOL We still chuckle at DH's family.. they are still scratching their heads saying, "how do you buy a house without a loan" lol. Don't give up!! In this economy, lots of things are possible and LOTS of people (sellers) can relate to what you're going through. Just be prepared to show you're worth your grit when it comes to promising to make those payments on time.


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## Guest (Jul 18, 2012)

People who make their payments on time normally don't have bad credit .


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## Gaea Star (Sep 7, 2011)

That's not always true. My BF and I have a problem with credit atm because most bills you pay don't bother to report that you pay on time.


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## joshcheney (Feb 2, 2011)

therunbunch said:


> We did put $15k down so do have some money to put in the ring from the get-go, it really helps to show you're serious. ... Just be prepared to show you're worth your grit when it comes to promising to make those payments on time.


These are the two most important things to keep in mind when dealing with owner financing. Most (but not all) people who ask me (as a broker) about owner financing are broke and have a history of not paying their bills, and they need owner financing because no bank will touch them. 

If you can show up with some cash, as well as a complete and accurate Balance Sheet and Cash Flow statement, anyone who owns their property outright will at least be willing to listen to you. If you don't have some cash to put up, or if your financial statements are out of wack, then come back once you get those problems corrected.


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## Waiting Falcon (Nov 25, 2010)

If you are interested in Missouri check out thebignickel.com 
There are a lot of properties listed by this one person - maybe $2500 down so much a month......


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## cindy71 (Jul 7, 2008)

WV Hillbilly said:


> People who make their payments on time normally don't have bad credit .


That is so true, but there are more factors in how your credit score in calculated than just making payments on time. You could have credit cards maxed out but still make payments on time. You can have medical bills that are in the 1000s of dollars that you can't pay because of other bills and they get put on your credit report. Your debt to income ratio plays a part too. Having your credit checked to many times in a certain time frame. Closing to many accounts at 1 time. CASH is always better but sometimes it is impossible not to get credit for some things like a house.


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## PaulNKS (Jan 11, 2009)

cindy71 said:


> CASH is always better but sometimes it is impossible not to get credit for some things like a house.


A person NEVER needs credit. It is a want. 

We almost always save and scrimp and pay cash. We borrowed on 2 of the 5 farms. One was a 30 year amortization w/15 year balloon we paid off in 10 years. The other was a 30 year amortization w/10 year balloon. 

We have talked about it many times and have a farm or two that we would sell on contract if we decided to sell. We had talked about terms if we did it. It would most likely be 2 percentage points higher than either the local bank or Farm Credit and require $15K to $20K down depending on which one we sold. It would be done with legal consult and registered at the court house with an "Affidavit of Equitable Interest." 

With those terms we wouldn't be too worried about credit, since you would be bringing a down payment to the table.

I'm sure there are others like us in your area that would do similar arrangements. Just be sure to take all the steps to protect yourself, legally.

P.S. As to your question.... look at Craigs List. If you are willing to relocate, don't limit your searches. 

The problem you'll find is that the smaller the parcel of land, the higher you will pay per acre. Are you wanting raw land to build a cabin and willing to go with more land, or are you wanting a house with less acreage?

If you ask a lot of people on here, this year in this drought, they would probably have taken more land and less house when they bought. There are people everywhere that are selling animals because they don't make their own hay and can't afford to buy it in a drought year. I see a lot of ads for animals on CL.

Be sure you know what you want. Make sure the ground is suitable for gardening and can carry the animals you want since you mentioned those in your opening.

Good luck!


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## mrstillery09 (Jul 12, 2012)

I also suggest trying craigslist. My husband and I just found a great home on 2/3 of an acre that is like rent to own. We put down a deposit and make a house payment every month. It's ours in that we can do whatever we want, etc. The person selling it didn't care one bit about credit. It's been a dream come true for us! Good luck!


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