House Purchase without a bank or lender loan?

By far, owner financing is the best option for the buyer. Not with a land contract, but with a note secured by a trust deed. This way the buyer is on title and insured by title insurance....just make sure that the buyer purchases title insurance.

As you well know rent to own and even lease with option to buy seldom works out for the buyer because they often are not able to get financing down the road. Also, when the seller carries the financing with a trust deed the buyer can write-off the property taxes and loan interest on their income taxes. With a rent to own or lease with option the buyer can't.

It is often a great idea for the seller to carry the financing if he doens't need the cash. I know several investors that love to carry the financing on their rental properties they sell. The seller get way above CD rates that banks offer and it spreads out their capital gains profits over the life of the loan vs. having to pay capital gains out in one lump sum. The seller should get a large down payment which would reduce his risk.

1. Best for the buyer, terrible for the seller. Ain't. Gonna. Happen.

2. Best for the seller, terrible for the buyer. Don't. Do. It.

3. Acceptable to both buyer & seller. Not practical.

Consider option 4. Just lease the house until you have accumulated enough to buy it.

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All of those options suck for buyers except 1, which no seller in their right mind would do. The best option is to save money and fix your credit.