It is an all-too-common problem today. A buyer would like to purchase your home but they can’t get a loan through the conventional avenues. Maybe a temporary job loss or reduction has put them behind in payments. Or even worse (from the bank’s point of view) they were recently foreclosed upon.
But you know these people. They are not flakes! How do you get them into the home you are selling if the banks won’t finance them? It is called “owner financing”! This is not a new concept, in fact it is how I purchased my first home. This alternative method of financing is gaining in popularity again.
It is not without risk, and is not for the faint of heart. However, if you are in the position to manage it, or even if the position you are about to be in dictates you do it, it can work very well. Is it for everyone? NO! Every buyer? NO! Every seller? Again, no. But there are cases where it works well for both sides.
According to Realtors® Property Resource 52,991 homeswere financed with some sort of owner financing last year. That’s up 56% from previous years, and 1.5% of all home sales in the U.S. for 2010!
Is this for you? Questions about YOUR best action? Contact us today for your free, no obligation consultation.
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