I've been thinking lately about alternative ways to buy property, and I came across this idea of purchasing directly from the seller without going through a bank or traditional mortgage. Like, imagine you find your dream place, but the owner offers to let you pay monthly installments directly to them instead of getting a loan from the bank. Sounds convenient, but also kinda risky? What if something goes wrong or they change their mind halfway through...would you feel comfortable going for it or nah?
"Sounds convenient, but also kinda risky? What if something goes wrong or they change their mind halfway through..."
Yeah, I totally get where you're coming from. A few years back, my cousin actually went down this route—buying directly from the seller with monthly installments. At first, it seemed like a dream deal: no banks, no complicated paperwork, just a handshake and trust. But then the seller ran into some financial trouble and suddenly wanted to renegotiate terms halfway through. It turned into a bit of a mess, honestly.
I'm not saying it's always gonna end badly, but you really gotta protect yourself. If you're seriously considering it, I'd strongly recommend getting everything in writing and having a lawyer look over the agreement. Even if the seller seems trustworthy, life happens, you know? Better safe than sorry...
Yeah, that sounds pretty stressful tbh... I'd be nervous about the seller changing their mind or something unexpected popping up. My friend did something similar—worked out fine for her, but she had a lawyer involved from day one. Still, I dunno if I'd sleep easy without having a proper mortgage and all the protections that come with it. How do you even know if the seller's finances are stable enough to trust long-term?
Honestly, mortgages aren't exactly stress-free either... I mean, have you seen the stack of paperwork they throw at you? 😂 But seriously, I get your point about seller stability. Still, even with a mortgage, you're kinda trusting the bank to stay stable too. Maybe it's less about mortgage vs no mortgage and more about doing your homework—background checks, references, and definitely getting a lawyer involved early. At least that's my plan... fingers crossed it works out!
