Sell your house faster with seller financing
Seller financing can greatly assist Austin, Texas, home owners with selling their house fast, even if they have little, no or even negative equity.
According to a top legal website, seller financing occurs when…
In seller financing, the seller takes on the role of the lender. Instead of giving cash to the buyer, the seller extends enough credit to the buyer for the purchase price of the home, minus any down payment. The buyer and seller sign a promissory note (which contains the terms of the loan). They record a mortgage (or “deed of trust” in some states) with the local public records authority. Then the buyer pays back the loan over time, typically with interest. http://www.nolo.com/legal-encyclopedia/seller-financing-home-sales-30164.html
Four Reasons To Offer Seller Financing
1. Higher price. As you can see from the example above, buyers pay for easy terms. From the buyers perspective, he gets a place for almost nothing, that the renters will pay for. He comes out okay even if he later sold it for less than he bought it for.
2. Monthly ROI. When selling with owner financing, you can sell above market price, which gives you a positive return. In addition, you can charge the buyer a higher interest payment, giving your monthly cash flow.
3. To sell faster. Anytime you expand the potential market for a property, you increase the odds of selling it fast. Selling with easy terms definitely invites more buyers to look at your real estate.
4. To sell difficult properties. If you have a property that is difficult to finance conventionally, offering seller financing may be the only way get it sold, and at a fair price.
Seller Financing | Do It Yourself or Use A Pro
If you understand real estate and have access to a real estate attorney with contracts, then it may make sense to create a seller financing contract yourself.
The average Realtor probably doesn’t understand how to best sell a house with owner financing. And even if he or she does, the 3% Realtor fee can wipe out any potential profits.
Rather than a Realtor or doing it yourself, it may be best to use a real estate investor who understands seller financing. The big benefit to you is that they can perform this entire sale and you won’t have to pay them anything. They can get your your price and your monthly terms.
Once they create the contract with you, they make their money by selling or assigning their contract to the end buyer for a fee. The buyer pays the investor the fee and pays for all closing costs.
Hippie Hollow Homes has assisted several Austin, Texas, homeowners with this strategy. They have a database with several hundred buyers seeking to purchase homes with owner financing in place.
If selling your house quickly,using seller financing, in as-is condition, without having to come out of pocket for any expenses while still earning positive monthly revenue sounds like a good option, then contact us today!
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