The Pros & Cons Of Selling A Home Using Owner Financing

Sellers that prefer the option of owner financing a property are going to enjoy many advantages. There are of course the pros and cons to consider, and it’s good to look at both sides. You get to leave the real estate agent out of the mix, so that helps put more money in your pocket. Yet you are responsible for the duties that an agent would take on, and that’s an example of both a pro and a con. What else should you know in terms of selling a home as an owner financed property?
Not only do you leave out the real estate agent, but you leave the mortgage company out of the process as well. You are the one providing the financing to the buyer, which means you stay involved in the process for the duration. Guess what that means. It means you don’t just get the sales price for your home, but all the interest as well. Since a home is a major investment, that means you are going to get quite a lot of extra money.
Remember to examine the cons, however, as there are downsides to you being the mortgage company. You don’t get all of that money at once. You receive monthly payments throughout the duration of the mortgage. It is between you and the buyer to agree to the terms and conditions and have them drawn up by a real estate lawyer. Speaking of the terms and conditions, that is one more downside or risk to think about. If a buyer defaults on the loan, you have to remember that you are the mortgage company. A default isn’t the only thing you have to think about. Buyers can be late on payments, and that’s not something you want to have to deal with either. You are essentially the mortgage company and the collection agency if you think about it. You have legal documents, so the means to handle such situations are in place. It’s just something to think about because Sell My House Fast San Antonio  fast without providing the financing would mean that you had your cash and were free of any obligations at closing.
Should you pursue the option of financing the property for the right buyer? It certainly is a lucrative business opportunity. If at any point you don’t want to be the owner of the mortgage loan anymore, you can sell it to an investor or another mortgage company. That would relieve you of the duties associated with managing the account. You will have made interest up to that point, and then you can be paid in one lump sum.
It’s up to you whether you want to provide owner financing to a buyer, but it’s a win-win for many reasons if you find the right situation. It certainly helps buyers secure financing, and it certainly will help you get the extra interest that would normally be going to a traditional mortgage company. If that sounds like a plan to you, advertise owner financing for the property you are selling, and find the right prospective buyer here is a good place to start Sell My House Fast Reviews