1,077,931
Many lenders call all of their purchase loans purchase money loan, but in terms of seller financing, not often.
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Michael Jacobs
Pasadena, CA
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Kasey & John Boles
Boise, ID
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John Meussner
Fair Oaks, CA
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Ron and Alexandra Seigel
Carpinteria, CA
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Pete Xavier
Pacific Palisades, CA
5,111,821
What Kenneth J. Jones said... why are you asking these questions without fully understanding what you are asking and why? If you really want to know answers why don't you do some research (especially with lenders on mortgage issues) and write a post about what you learned. You'll learn a whole lot more that way than doing this.
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Michael Jacobs
Pasadena, CA
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Pete Xavier
Pacific Palisades, CA
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Anthony Acosta - ALLAT...
Atlanta, GA
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Bob Betel
Sweetwater, TN
1,552,918
musing over the responses.
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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Inna Ivchenko
Encino, CA
1,241,754
You have not taken the Utah license exam yet? It was sometime ago you started it.
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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Inna Ivchenko
Encino, CA
1,712,776
Nope.
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Michael Jacobs
Pasadena, CA
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Anthony Acosta - ALLAT...
Atlanta, GA
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Nina Hollander, Broker
Charlotte, NC
2,221,377
abby tiscareno are you in class?
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Michael Jacobs
Pasadena, CA
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Anthony Acosta - ALLAT...
Atlanta, GA
213,263
Every loan is a PMM
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
1,624,653
The answers are very entertaining:)
It proves again: you get what you are asking for.
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
5,237,958
Seller financing in this market not necessary!
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Michael Jacobs
Pasadena, CA
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Anthony Acosta - ALLAT...
Atlanta, GA
956,052
YES!
Other than purchasing with purchase money...you would be would be refinancing.
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
4,581,818
If nothing else, the answers to these repeat questions never fail to entertain.
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Pete Xavier
Pacific Palisades, CA
7,862,342
The majority of home buyers need mortgage financing.
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Michael Jacobs
Pasadena, CA
321,564
1,505,863
4,800,132
Another good question for a loan officer.
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Michael Jacobs
Pasadena, CA
1,617,916
3,071,489
4,434,177
4,319,773
abby tiscareno whenever someone purchases by borrowing money, they do use it.
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Michael Jacobs
Pasadena, CA
2,191,460
5,772,575
Abby,
John Meussner gave you a great answer.
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Michael Jacobs
Pasadena, CA
1,157,791
It depends on the nature of the transaction.
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Michael Jacobs
Pasadena, CA
3,416,038
That term is not really used in daily use, but it is just as it sounds. A loan used on a purchase rather than a refinace. Then you get into conventional, FHA, VA. Meeting with a loan officer in your studies would be good help to learn the different types of loans and how you will use them in real estate.
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Michael Jacobs
Pasadena, CA
3,986,308
2,684,569
Seller financing? Or loan from a bank or credit union?
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Michael Jacobs
Pasadena, CA
613,494
It is very rare that a seller will offer to hold a purchase money loan.
Eve
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Michael Jacobs
Pasadena, CA
715,632
I think you are referring to seller financing. This does happen every now and then.
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Michael Jacobs
Pasadena, CA
809,258
I wouldn't say often, but yes, they are used occasionally.
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Michael Jacobs
Pasadena, CA
1,466,257
abby tiscareno Not all that common, but is used. I purchased a townhome a while back with owner financing.
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Michael Jacobs
Pasadena, CA
3,349,229
In 14+ years in the business I have yet to manage a transaction with a purchase money loan. In my world, the answer to your question is ... the loan is not used at all.
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Michael Jacobs
Pasadena, CA
2,187,462
According to articles I've read, over 50% of homes are free and clear of a mortgage. This would indicate plenty of opportunity for this kind of loan. Many property owners are leery, however, of this kind of transactions because of horror stories they've heard. Properly structured, this can be very beneficial to all parties. The nice thing about owner financing is the total flexibility in terms.
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Michael Jacobs
Pasadena, CA
6,416,169