Owner Financing

Posted by property on Aug 12, 2013 in Financial Advise, Owner Financing | 0 comments

  The mainstream media is currently trying to tell everyone that the housing market is getting better, looking up, showing promise. OK, where? As I have said before, the housing market is like every other market place, some cycles are great for the buyer and sometimes the market is great for the seller. Right now it is most definitely the buyer’s time. So, “where are the buyers?” you say. The ones that can buy are getting the best deals they can in REO’s and foreclosures. They are not going to waste their money buying in the retail market when there are so many half-priced houses on the market. The other buyers that are interested in your house are still waiting for the bank to approve them for a loan. Out of all the potential buyers in the market right now, only a small percentage can get funding to actually buy. So, how do I get my house sold without giving it away? Simple; you provide the funding. There are plenty of buyers out there, but many can’t get a loan. There are even more houses on the market to choose from. Therefore, it is important for you to stand out and provide something no one else will: owner financing. Most of the general public won’t finance their personal house because they are afraid. They don’t know what to do. Well, here are some basic steps to make it easy and get your house sold closer to the price you want. Step 1- Offer the financing – tell everyone. Step 2- When you get a PRICE you can accept, check their credit (truecredit.com, annualcreditreport.com, it should be at least a 640). Now iron out the terms, which should include: – Down payment – If you don’t have to have the money right now, ask for enough to cover moving expenses. Lower the down payment, the higher the price they usually pay. – Terms – you can get the balance amortized on any...