looking for a house for sale with owner financing
hi everyone my customer is looking for a tree bedroom two bath owner financing if anyone of you know of a home with owner financing please give me a call or pm me thank you
If you are a Realtor, you need to post your name and company affiliation along with the advertisement according to STBOR and/or STXBOR rules
From past post is st c and is Realtor.
what does owner financing mean?
Jamison - owner financing can occur when the seller owns a property free and clear. In this case, if they agree, they can act as the bank or mortgage company for the buyer to purchase the home. The buyer makes a down payment and then makes the monthly payments to the seller instead of to a mortgage company. The seller is awarded a first position lien on the house just the way a bank would get with traditional financing. This kind of mortgage is good for buyers who can't get the normal kind of loan. They also benefit by not having to pay some of the typical fees required by banks, such as loan origination fees, document fees, appraisals, surveys, water testing, etc.
It's good for sellers who don't need all their cash up front since the interest rate being paid is more than they'd make through most investments or bank rates these days. They retain security in the property until the loan is paid in full and can foreclose if the payments aren't made on schedule. In a slow market, this is sometimes the one way a seller can find a buyer. If the new owner sells the property, the full loan balance is due to the original seller at closing to pay off the mortgage loan note. The new owner can also refinance at some point if loans become available to them, paying off the original seller in the process. Many owner financing deals include a balloon payment due on the loan in 5-10 years if not refinanced or sold sooner.
I have a piece of land available for sale about 100 yards from the south shore with owner financing as a possibility. We don't see many houses available with seller financing offered.
Sorry I took so long getting back to see the post
Thank you Alexandra
Thank you Alexandra.