Most Georgia home sellers do not know how to sell their Warner Robins house with owner financing.
The normal way everyone in Georgia sells their house is; Buyer makes an offer, the price gets negotiated, buyer goes to a bank to get the money, gives it to the seller at closing and the house seller gives the house to the buyer. What if your Warner Robins house is not selling? What if the people that can qualify for a loan decide they like other houses? What if your house sits on the market for 100, 200, 300 days without getting sold? Can you wait that long? Can you pay for both houses while you wait? What are you willing to do to get that unwanted Warner Robins house off your hands?
Did you know that only 60 percent of the people wanting to buy a house can qualify for bank financing? That means there are another 40 percent of the house buyers out there that want your Warner robins Georgia house but can’t buy because the bank said so. What is it costing you to hold that house another month? Are you willing to look at other options?
When I ask house sellers around Georgia about selling with owner financing, they say one of two things; “That’s too much trouble” or my favorite “I just want to be done with it”. OK, let’s look at both sides and see.
How much trouble is it for you (or your agent) to show your house to buyer after buyer at all odd hours of the day? Is selling with owner financing any more trouble than what you’re doing right now? Let’s address, “I just want to be done with it”. If you want to get your house sold and be done, why are you now doing everything you can to get your house sold? Georgia houses are selling fast right now, so if your house is not selling in this hot Georgia market, something is wrong. Call us now and we will make an offer on your house in 24-48 hrs. You might want to think about adding owner financing to your house listing to get your house sold. This opens your house to a whole other group of buyers, that frankly, are not as picky and will love your house.
People wanting to sell their house go through the pain of cleaning the house, doing repairs, getting an agent to put the house on the MLS with every other house seller and start looking for the new house they want to move to. Most people try to accomplish these things in a single, well-timed event. What issues do you have to avoid to make selling your house go smooth?
- An agent that just lists your house, but doesn’t push it to sell
- Finding a willing buyer that can’t get a loan
- The buyer’s loan officer requiring a long list of repairs
- The house sitting on the market while you pay two mortgage payments
NOW, let’s look at the other side of selling your house fast with owner financing. There are some concerns that come with selling a house with owner financing, I won’t lie, but the reward far outweighs the concerns. Let’s look at them one at a time.
Q: How do I know if they will pay?
A: You can ask for w-2, 1040, and paystubs just like the bank. The buyer can give you access to a credit reporting account they set up, like Credit Karma, to get their credit report.
Q: What if they don’t pay after a few months?
A: Get enough down payment to cover foreclosure costs. Call the attorney or title company you used to sell the house the first time and tell them to foreclose. Get the house back and sell it again. You make more because the buyer that defaulted, paid your mortgage for all that time and you can keep whatever they paid up to that point.
Q: What about the mortgage I have on the house.
A: Two options; we prefer to make two payments. One online payment to the existing mortgage company and one to the seller (If there is anything going to the seller). This makes the buyer feel secure that it’s going to the right place and the seller (you) can log in and make sure the payment gets made. Second option; buyer makes one payment to the seller and they make the payment to the bank. It is hard for everyone to be transparent this way. It requires a lot of trust from the buyer, but it is an option.
We love to buy houses with owner financing. Why? We have a live, real person to work with, not some phone service thousands of miles away. It also allows us to help more people if we don’t have to keep going to the bank. They only allow a certain number of loans per company.
Selling your house with owner financing takes the biggest headache of selling a house out of the equation… the bank. You are the bank now. You get your house sold faster and for your asking price because you are providing the financing for them. Real Estate Problem Solver can show you how. Contact us now to find out more.