SELL YOUR HOME FAST WITH OWNER FINANCE
Use Owner Financing to Sell Your House Quickly
One of the most effective ways to sell your house quick and even get the price you want is to use a method known as owner financing. Owner financing allows a buyer to buy the home without having to qualify for bank financing, which now days can be very difficult. With owner financing the new buyer will pay their monthly mortgage payment to the seller. It’s similar to renting, except that the buyer has ownership of the property and is fully responsible for maintenance, improvements, taxes, etc. and with that comes a feeling of ownership for the home.
WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF OWNER FINANCING?
OWNER FINANCE ADVANTAGES
When you purchase a home using the owner financing method you can save the buyer thousands of dollars in fees, which often include appraisal, realtor costs and other fees. These savings can be put directly into either the buyer or seller’s bank account. Homes that have a low-interest rate mortgages that are being sold with owner financingoften are attractive in today’s buyers market, especially with buyers who might not be able to attain a low interest rate loan. When the right legal process are put in place any home with or without a mortgage in place can be offered with owner financing.
OWNER FINANCE DISADVANTAGES
The major disadvantage of selling a home with owner finance in place could be the buyer defaulting on the loan at which point the seller may have to foreclose on the buyer and the home would once again be owned by the original seller.
CONSIDER GETTING HELP FROM A COACH
Remember to be careful when buying homes using creative methods such as owner financing. Don’t be afraid to ask questions and seek a lawyer’s advice if there are any questions about the sale or the process. This is an important purchase.