All About Mortgages

7 Responses to “How Do I Find A Buyer For An Owner-financed Home?”

1. sunshine on February 4th, 2010 at 8:55 pm

   whoa, Nelly, I think you still want them to go through some sort of application process. You don’t want someone moving into your house and defaulting on you, it’s messy and time consuming to get your house back.
   Your real estate agent can put owner financing available in the MLS listing.

2. jassy on February 4th, 2010 at 10:14 pm

   Advertise in the newspaper for sale by owner. with owner financing.

3. Daniel L on February 5th, 2010 at 3:35 am

   Pay to have it put on the MLS.

4. ? on February 5th, 2010 at 8:44 am

   Try “Help-U-Sell” you can save on realtor fees too.

5. satarnag on February 5th, 2010 at 6:33 pm

   Wow, great advertising. Better yet, try craigslist.com.
   Also, pay a real estate agent 5% where the agentgets 1% and the buyer’s agent gets 4%. Then state that you will pay all closing cost up to 3% of your home’s selling price. Now you made the offer more attractive to the agents and the buyers without having to foreclose or worry about the first foreclosing if the new buyer doesn’t pay up.
   Regards

6. newsgirl on February 5th, 2010 at 8:43 pm

   I have never seen an owner-finaced home that went well for the seller. Typically a buyer that cannot qualify for bank financing is not someone you want living in your home. They tear up the property and then default on the payments. You are left with a trashy property and it can take a year to get the people moved out.
   The key is the asking price verses the appraisel value. Most houses are on the market at less than their appraised value. If you raise the price to full appraisel value and then use the difference to assist the buyer, you can do alot to help someone qualify for a loan.
   There are a few ways to help a buyer qualify for financing:
   “Sweat-equity” The buyer agrees to work on the home with the owner in exchange for a cash down payment credit. In this case you would give the buyer a check for the work done and the buyer would use that check as the downpayment for the house.
   The buyer can “pay the closing costs.” This will allow many more buyers to qualify.
   The seller can agree to take a trade for the downpayment in jewelry, other property, or an automobile.
   The seller can agree to make the first 1, 2 or even 6 payments on the house.
   I have purchased 5 homes in the last 10 years and at closing I have always gotten cash at closing. The last one was $199,000: the seller paid all closing costs, the first 6 house payments and $5,000 to purchase new carpet at my convenience. I walked away from the final signing with the house, $5,000 and no payments due for 6 months.

7. meganlee on February 5th, 2010 at 10:47 pm

   Not always a “great deal”,; however, try site under “for sale by owner”. What happens when you need the money tied up in the home? You need time guidelines to have new owner take on new loan. Also eviction is an ugly thing.

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