Here's the scenario: You have a listing for sale and unfortunately not too many prospects coming to look at the home. Your seller comes to you and asks why no one is calling and what you plan to do about it. Could you have missed something in your interview with the seller. It's not really your fault.
Most Realtors have basically placed Seller Carry Back Financing on a shelf because lenders all but buried that option. In fact Fannie Mae guides use to prohibit the use of seller carry back financing relegating it to the evil sub prime lending channel. Times have changed and this option is on the table with some lenders.
So do yourself a favor and ask your sellers or potential sellers if they would consider carrying back a piece of the mortgage. The worst they can say is no but if they are willing to carry back some amount in the form of a second mortgage at a nice rate of return you will be the person behind the curtain there to solve their problem.
For more information on what to ask your seller or next listing appointment e-mail or call me.
Michael in Tucson
Michael A. Rohde
Sunstreet Mortgage LLC
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