Sell real estate quickly with owner financing (seller financing)

October 13, 2006 — Leave a comment

From www.Mortgage-Investment.com , our favorite Note and Seller Financing Site!

Sell real estate quickly with owner financing (seller financing)

There are several reasons to sell your real estate with seller financing.

bullet A quicker sale
bullet A higher price
bullet Lowered loan costs for the buyer
bullet The mortgage you receive should be a good investment
bullet Deferred taxes if an investment property

[Home] [Introduction] [Improving saleability] [Creating a safe mortgage] [Market your home] [Advertising your home] [A prospect phones] [Hold an Open House] [Real estate contract] [Creating a saleable mortgage note] [Buyers credit] [Committment to pay] [Which is the better deal?] [Mortgage credit ratings] [Owner occupied] [Non owner occupied] [Commercial] [Calculate the payment] [Second mortgages] [Borrowers with bad credit] [Documents to use] [Create your documents] [Minimum documents needed] [Steps before closing] [Seller financing imputed interest] [Unusual mortgage clauses when selling a home] [Wrap around mortgages] [Escrow real estate taxes hazard insurance] [Real estate installment sales] [Mortgage unusual clauses you should have] [IRS publication 523 2003 selling your home]

Before you can offer owner financing, you probably need to own the property free and clear of mortgages. Some mortgages can be assumed by a buyer, but most cannot. If you do not own the property free and clear you can use a form of seller financing known as a lease option. This enables you to get someone into the house quickly but you still hold title and the due on sale clause is not triggered. There is information on lease options on this site.

Remember that if someone assumes your mortgage, you are usually still liable on it if they don’t pay. (Unless you get a release from the lender called ‘novation’).

Be wary of letting someone buy your property ‘subject to’ the existing mortgage. If they do this, they are not guaranteeing that they will make the payments And if they don’t it could come back to haunt you years later.

The first question is, “What is your home worth”? You can order an appraisal from a local licensed appraiser for about $300 or get a computer generated valuation on line.

Follow the course below or go directly to a page of interest.

[Home] [Introduction] [Improving saleability] [Creating a safe mortgage] [Market your home] [Advertising your home] [A prospect phones] [Hold an Open House] [Real estate contract] [Creating a saleable mortgage note] [Buyers credit] [Committment to pay] [Which is the better deal?] [Mortgage credit ratings] [Owner occupied] [Non owner occupied] [Commercial] [Calculate the payment] [Second mortgages] [Borrowers with bad credit] [Documents to use] [Create your documents] [Minimum documents needed] [Steps before closing] [Seller financing imputed interest] [Unusual mortgage clauses when selling a home] [Wrap around mortgages] [Escrow real estate taxes hazard insurance] [Real estate installment sales] [Mortgage unusual clauses you should have] [IRS publication 523 2003 selling your home]

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