Owner financing is one way you can sell a house faster in a slow housing market. Owner financing is when the buyer of the property pays the former owner directly instead of getting the money from the bank. When it comes to owner financing it has its advantages and its disadvantages. One of the advantages of selling a house with owner financing is you can get high interest on the monthly payments. It is not uncommon to get double the going rates.
Another advantage of selling a house with owner financing is you can get top price for the property. It is not unlikely to get more than asking price when you sell a house with owner financing. One of the disadvantages of selling a house with owner financing is getting a lawyer you trust to make or review a contract. This contract known as a promissory note must be done well. The reason for this is if the buyer does not pay, you don't want to have to jump through a lot of hoops to get the property back.
Another disadvantage with selling a property with owner financing is if the buyer does not pay the taxes or the water bill. If this happens the government can take away the property. Even if you do get the property back you will have to pay all the overdue bills. Selling real estate with owner financing is a double edge sword but if you use the information you read here you will have an idea of what you’re getting into.
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