FAQs

 

This is too good… what is the catch?

There is no catch. The current economic environment is forcing people to think differently about home ownership, home sales, and home purchases. Since banks often hinder people’s ability to buy a home we are looking to fill the niche.

How do I visit a property for sale?

We can get you inside any of our homes. Most have combination locks on the front door. Give us a call ahead of time to let us know which property you are interested to see and we'll provide you the combination to open the home to tour at your own pace. We ask that you make sure to lock it up after your visit.

What is the condition of the homes?

The condition of homes varies. Most of the homes that we offer for sale were previously foreclosed upon. Therefore, some are in great condition, others are in poor condition, and most fall somewhere in between. We have structured the pricing and down-payments according to that particular home location, market, and condition. The homes will be sold “as-is” so all repairs will be the responsibility of the buyer.

How much are the closing costs?

If you purchase directly from us, there are no closing costs. Zero. Our goal is to make property ownership affordable, and one of the ways we make this possible for you is by not charging you any closing costs. We pay all of the fees for transferring the property (transfer tax, recording fees, etc.)

Do I pay any kind of sales tax or real estate transfer tax when I buy?

In states where a tax is required to be paid, we pay the tax for you. We want this to be an easy, simple transaction, with as little out-of-pocket for you as possible.

What is owner financing?

Owner financing is the easiest way to buy property. It is extremely simple. We own the home, and you would like to buy the home. We will sell the home to you, and all you need to do is pay a small down payment and small monthly payments. We finance the home for you, so you don't need to qualify for a bank loan. You don't even need to fill out a loan application. Nearly everyone qualifies!

Do I qualify to buy with owner financing?

Yes. Just about everyone qualifies to buy with owner financing. There is no loan application, no bank red tape. All you do is pay the small down payment and pay the small monthly payments. It couldn't be easier!

What am I responsible to pay for?

As the new owner of a home you will be responsible to make your monthly mortgage payment as well as all utilities. Additionally, you will be responsible to keep the property taxes and insurance current on the home.

Can I pay more per month to pay the loan off sooner?

Yes, any amount that is paid above the required mortgage payment will be applied directly toward the principal of the loan.

Are there penalties if I payoff the loan early?

No, there are no prepayment penalties. You can pay off the loan at any time with no penalty or charge.

Is there a balloon payment with this owner contract financing?

Generally no, we do not have a balloon payment. There are circumstances that we have sold homes with a balloon payment but it is not common.

Who owns the properties being sold on NoBankHouse.com?

All of the properties we sell belong to NoBankHouse.com, or one of our other related companies. We own all of the properties we sell. We do not sell homes which belong to other companies or other individuals. In addition, we do not sell homes for other parties. All of the homes we sell belong to us.

Can I buy more than one property?

Yes. We have had many buyers who purchased several properties.

What are my down payment options?
Down payments can be made via check, money order, bank wire, and/or debit/credit cards.  All sales are final unless otherwise specified in writing by NoBankHouse.