who wants to loan me money?

[Evil Robot]

OK, Ive seen many poeple in your position that "were freinds" with the seller. Judging by the fact that there is talk of a land grant involved tells me that the seller has not had an agent involved yet and they probably read one of those stupid "real estate for dummies" books. Problem being, your about to put a great deal of money into contract with someone who may or may not know what it takes to sell a house.
1) Just because you know the person does not place the terms of the contract in your favor.
2)They wan't you to find a financing company on your own. This is something that the agent should be doing for you since these companies will not (and have never) taken one time buyers seriously. You can expect to pay 2 to 5 percent more on your APR if there is no broker to negotiate for you. (Brokers know these people on a first name basis, you don't).
3) You are not getting a land grant. Theres a big difference between a mortage and a land grant. Land grants are based on the reputation of the company to be building the house. You are not a developer and you are not building the house.

The point I am trying to construe is that just because your landlord owns the place does not give them the ability to make a contract (that requires a lawyer to certify that the terms are legal).
From what Iv'e read is that your landlord wants you to start putting money into a down payment BEFORE you have an actual mortgage. The fact that you are freinds with your landlord indicates to me that they do not yet know that this is considered fraud (the down payment can only be decided by a financing corp.). You cannot make a down payment when the APR has not yet been established.



So, in conclusion, yer gonna get ripped off. Get a real estate agent NOW.