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Selling your San Antonio home using owner financing may not be an easy task, however, If you are willing to sell in this challenging market, at least come in knowing what you are up against.
Once you get the basic concept out of the way the rest is a piece of cake. Your choice to sell your home will affect your entire family and their future. Before you make this major leap forward, you will want to ensure that you have up-to-date data on your market area. Knowing things like” how to sell”, “ how you should base your home selling price“, or “should you list with or without a realtor,” is important to know.
In owner finance,t he buyer will not be going to the bank for financing this time around. You, the seller become the bank and you will be financing what your buyer need, "the purchase of your home".
One of the biggest problem that is happening in the real estate market today, buyers who once qualified for financing two or three years ago can't get financing. Why? Banks just are not lending to potential would be buyers. There are plenty of homes on the market today. The demand isn’t on homes, the demand is buyers getting financing. One way you can help guarantee your home will sell is to become creative in your selling options.
Owner financing is one way or the only way for some buyers to be able to purchase a home. You as a homeowner must keep in mind that there are a great amount of risk for you, should the buyer defaults at some point on the loan. The good news is buyers and sellers are able to close deals faster with owner financing than with conventional loan.
Qualifying for financing may not be the buyers fault, banks now have a strict qualifying guideline and loans are hard to get. Some of the problems that keep buyers from qualifying for conventional financing are loss of income, low credit score or because the buyers may not have the funds for a down payment. Recently, some lenders has close their doors to some self-employed, and commission based buyers. Owner financing is one way buyers are qualifying for financing with partial or full financing depending on the buyers needs.
Seller benefit from this type of financing by getting the their property sold. The time that a conventional financing take to close is shorten, and depending on the interest rate the seller can get a greater return by negotiating an interest rate that the buyer will pay that is more favorable than would be available for other sorts of investments. Did I mention the tax savings? using deferred sale tax you may want to get with your tax advisor. Capital gain is reduced if you elect to finance using installment sale. You are in total control as to how you want to structure your loan.
To protect themselves from unforeseen problems the buyer may encounter (lost wage, extra expense), most sellers ask for a large down payment from the buyer. This is normal if the buyer have a low credit scoring. You will want the buyer to have a larger stake in the home, to encourage him to keep the home in this type of financing asking for 10-20% down payment isn’t unusual. The flexibility in staging the terms of the interest rate and the length of the loan set it apart from the conventional financing. A seller may decide to set the terms as much as twenty years with a ten years balloon payment or as less as ten years with a five years balloon payment. Buyer will be expected refinance the loan, hopefully with a conventional loan. Seller must keep in mind to think as if he is a bank, when accepting a buyer. There are plenty of documents to be considered, such as, credit history, tax paperwork, proof of employment are just a few of the things needed to determine whether or not a buyer will qualify under your terms to be able to pay off the loan.
Records must be recorded with the required execution and acknowledgement requirements of the State of Texas. if you are a seller outside Texas check with your locate State requirements. Seller must also keep in mind title insurance meaning that the property will need a title search. You will then need to purchase coverage to protect your priority in the mortgage. The title insurance company will be able to tell you the cost to have the instrument recorded. In Texas it depend on the amount of pages in the instrument and a few other small fees. What I’m trying to convey here the cost to you seller depend on the size of your transaction. If financing is for a industry factory of course this can multiple to thousands of dollars, or if it a small cottage it may be a thousand dollars or less. If you are in the Greater San Antonio area Mortgage Note Reliever is your #1 choice for owner finance consultant.
Sellers don’t spent to much time on documentation although this will be one of the largest transaction you may have to make, there are help. There are Lawyers in business who are waiting to take care of this for you, take advantage of it. Your biggest decision is deciding to owner finance, for there are risks you must keep in mind. If you are ready to owner finance whether you are a buyer or seller, Mortgage Note Reliever can help you get through the process.
Sellers, I know you would prefer to have an all cash deal, but in most cases it doesn’t happen that way. You may have to accept a promise to pay at a later time. Also you must keep in mind that situation may arise where a buyer financial circumstance may change a year or two within the term. Banks have a large portfolio to absorb the blow of a loss in payments, what about you? Choosing the best term that will perhaps lessen or increase your risk/return is important. There is no specific way to handle this, however, you must understand your options and do your due diligent. knowing in advance how you will handle those unforeseen will give you an idea of how you should structure your terms before any offer on your property arrive.
There are Lawyers who handle this type of financial transaction, and having a Lawyer in place before, during, and after the decision to offer owner financing is key to a well thought out plan. A lawyer will help you understand what owner financing is all about and put together for you all the appropriate paperwork that will be needed in your owner finance offer. Your thought should be, what to do, if down the road your buyer can’t make his payments. Because you are the Bank you can change the language and terms in the loan documents to fit yours and your buyer need, maybe changing the interest rate, to accommodate the higher risk, or increasing the loan terms.
According to the Texas Association of Realtors there has been a increase in the use of its promulgated “ Seller Financing Addendum”... If you are considering a San Antonio, TX real estate transaction involving owner financing ( buyer or seller), or outside the San Antonio Tx area you should consult Mortgage Note Reliever. They have a group of real estate professionals who are familiar with the Seller Financing Addendum and all other documents required when buying or selling homes with owner financing. Give them a call at (210) 548-7399 or send an email to :email@example.com
Are you a owner financer or an investor and don't know where to get forms for your renter property or other important forms:
If you can't leave your name and phone because there isn't a form below, you may call
our Consultant at 210-548-7399 or email: firstname.lastname@example.org to find out
more about Owner Financing. THANK YOU for taking the time out to read our blog, have a wonderful DAY.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.