Using Owner Financing to Sell a Home
Using Owner Financing Will Help You Sell Your House Faster
One of the most frequently asked questions of Shenoah Grove of Hippie Hollow Homes is ‘Can I sell my home with owner financing in place?‘
The fact is that in this tough real estate economy, providing owner financing may be the best way to sell a home. Buyers can’t get loans, and if they can’t get loans, then sellers can’t sell their houses. The definition of insanity is doing the same thing over and over again and expecting a different outcome. If you want to sell your house, selling with owner financing is the best strategy available today.
Fewer Mortgages Written
The fact is that if you want to sell your home through conventional means, then you must have buyers who can qualify for conventional loans. However, fewer and fewer potential buyers are able to qualify for loans. Basic economics tells us that when there are fewer buyers, demand is low and sellers must decrease prices and increase incentives to sell a house. As such, sellers must compete for limited buyers who can qualify for a loan, and this typically results in lower prices and paying increased closing costs in order to sell a home.
What if a seller has little, no, or negative equity in their home and can’t afford to come out of pocket to pay for such deficiencies? If these distressed sellers follow conventional means only, then there is a good possibility that their homes wind up in foreclosure.
How Owner Financing Can Prevent Foreclosures
Another fact is that while there are few buyers who can qualify for a loan in today’s market, there are millions of buyers who would love to purchase a home if alternate forms of financing were available. The best way to sell a home quickly in Austin and San Antonio, Texas, in today’s current economic climate, is using owner financing. Being able to package together both the home and the loan will allow you to create a much larger pool of buyers from which to choose. From an economic standpoint, more buyers means more demand which allows the seller to sell for a higher price. This higher sales price allows for successful real estate transactions for sellers who are behind on payments with little, no, or negative equity in their houses. These same homes that would wind up in foreclosure while waiting for banks to provide lending are now able to be sold without damaging the sellers credit!
Is Selling to ‘Unloanable’ Buyers a Good Move?
The banks have tightened their credit guidelines significantly. Many people getting denied today could have qualified for loans 5 years ago. Perhaps the most significant factor in defaults in the past was not requiring a down payment for a loan. When selling a home with owner financing, we always require a down payment. Recent history has shown that if the buyer doesn’t have any ‘skin in the game’ it’s very easy to walk away from the home. When we help you sell a house with owner financing, we help structure the loan in a way to minimize the risk of default.
About Hippie Hollow Homes
Hippie Hollow Homes combines the services of an experienced real estate broker, Shenoah Grove, with the experience of perhaps the most successful post bubble real estate investor in America today, Phill Grove. Phill Grove has created the national real estate investing product called The Assignment of Mortgage Payments Systems, which shows real estate investors how to sell ‘unsellable’ homes to ‘unloanable’ buyers using owner financing. When real estate professionals talk about using owner financing to sell a house, they probably learned about it from Phill Grove.
Regardless of your situation, Hippie Hollow Homes can help. We’ve successfully participated in more than 1,200 residential real estate transactions since 2004 and have experienced about every type of rel estate situation imaginable. At Hippie Hollow Homes, we will listen to your dilemma, provide alternatives, and make you a fair offer for our wide variety of services. The only thing we can’t do is help you if you don’t contact us!
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