Monday, December 28, 2015

Selling your House with Owner Financing

In today's market why would you consider selling with owner financing?  Inventories are tight, buyers are plenty so why sell with owner financing?  Here are some situations that may apply to you.

Your Buyers cannot qualify in today's Dodd Frank lending environment, although rates are very low and money is available, not everyone can qualify, if you are self employed, very short term employment history or don't have the down payment you many not qualify.

You cannot get your asking price:  For whatever reason you listed your property but all the offers don't come close to your asking price. Selling with owner financing may help you.

Your house needs repairs and you don't have the time or money or both to make the repairs:  In this situation you may want to sell your house to someone who is handy and can do all the repairs or knows and has the means to get the repairs done.  You will want to verify that the person can do the repairs and you want to set timelines when and which repairs will be completed.

You need to sell quickly and cannot afford to make two house payments: You may have found a better job out of state or far from where your house is located and you cannot afford to make two house payments and you don't want to rent since you will have to be a long distance landlord.

Your house is near some irritants:  Your house may be close to power lines, although there is no evidence that this is hazardous to health not many folks would like to live near power lines, railroad tracks, garbage dumps, etc.

You cannot stand your neighbors: You may want to move since you don't get along with your neighbors and your buyers don't like them either, owner financing maybe be a way out for you.

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