the death of easy owner financing

Well the government has finally gone and done it. They have killed easy owner finanicing in our Great State. Gee thanks I will be sure to send my representatives a thank you letter for the SAFE ACT and its implementation. If you have ever wanted to exit a house that was an investment property you must now be a mortgage broker in order to sell it if it was an investment property. I guess now those buyers who need owner financing from investors will now have to pay a little bit more for the headache the investor has to go through in order to owner finance a house to an buyer who wants to live there. Did the wise washington politicians think that the SAFE ACT would protect buyers who need finaning? PLEEEEAAAASEEEE!!!!!

The only thing it did was make it harder for those who need the private financing to get it. They were not smart enough outlaw private financing. oh sorry they cant do that but they sure can make it harder for investors to finance a transaction to buyers. Exactly who did they think would pay for things when they become harder to do? The investors who want to use owner financing as an exit stratege? NO WAY it is the buyers the ones the SAFE ACT are supposed to protect. Now if I need to hire a mortgage broker to take the application, service the note and approve buyers exactly who do they think will pay for those services? ME NOT a chance the buyers will. If they are strapped for cash how exactly will that help them? It will not it will be a detriment to the buying process. Now how does the SAFE ACT help sell more houses? Making things harder to do in no way shape or fashion helps sell more houses. So who exactly benefits from the so called safe act? THE BANKS the ones who did not do a good job restricting credit, underwritting loans, servicing those loans, or moving excess inventory in the form of REPO’s. Check out this analysis in my account entitled Apr10-seller-financing for an analysis of the so called SAFE ACT and what you should be doing if you want to owner financing a house. Good luck and God Bless!

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