Owner financing is one of the best ways to sell your house faster and for top dollar.
To understand owner financing, it’s easiest to compare it to landlording without many of the downsides. The deed will be transferred to the buyer, giving them full house ownership & the pride that comes with it. The buyers will make their mortgage payment to the seller.
Owner financing eliminates many of the financing fees you encounter in a conventional loan. This can result in one of two things:
- It provides the seller with a large down payment or
- Saves the buyer from having to pay closing costs, especially if they have a tight budget.
Many of our potential buyers are our local self employed business owners with good credit and good income. They have funds to invest in real estate, therefore, are in need of some other type of creative financing opportunity.
The main downside to owner financing is that the buyer could eventually stop making payments. This would mean that the seller would foreclose or request a deed-in-lieu, and the house would be the seller’s responsibility again.
Markette Properties has interest in buying your house using this method or helping you set up the deal with another buyer.