When I say you can sell your house fast with owner financing, most people respond with; “I don’t know how”, or “That’s too much trouble” or my favorite “I just want to be done with it”.
OK, let’s look at Selling your house out right and Selling your house with owner financing.
As the spring season rolls in, you decide you want to sell your house fast before summer break is over. You go through the pain of cleaning the house, fixing what you can, finding an agent to list the house with and finding the new house you 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 smoothly?
– 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: Call the attorney or title company you used to sell the house 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 they don’t get their down payment back (Hint, Hint).
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, but it is an option.
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. We love to buy houses with owner financing in place. Watch the video below.