I was speaking with a homeowner this past weekend about selling their house, and I brought up the topic of seller assisted financing. In today's market, sellers should do anything and everything to make their home more attractive to the potential buyers out there. A lot of homeowners, especially those in foreclosure, are unaware of this option and how it works. Basically, if you have equity in your home, you can lend this equity to a buyer when they buy your house. At the closing table you get a note and mortgage instead of getting all of your cash. This works very well for sellers who are not buying a new home immediately, or sellers who would prefer money on a monthly basis instead of in one lump sum. For many of my clients who are selling their homes due to foreclosure, and have recently lost some or all of their income, this is a perfect fit. Often they won't qualify to purchase a new home for 6 months or more, and they can use some additional income on a monthly basis.
If you are planning to sell your home, and are interested in receiving top dollar in today's market, seller assisted financing may be right for you. As always, you should consult your local real estate professional as well as legal counsel before making any real estate decisions.
Joseph Cacciapaglia, MLERE
Realtor Associate®
R&I Realty
15 Potter Street
Haddonfield, NJ 08033
Office: 856.795.3111 x268
Cell: 979.218.2286
Jcacci1@gmail.com
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