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Ginger and T…, Real Estate Pro in 33626

Owner Financing rates and terms.

Asked by Ginger and Tom Perkins, 33626 Thu Aug 13, 2009

I own a condo free and clear that I have been renting. The renter is going to be moving soon and I am going to sell the property. I am thinking about offering owner financing. Does anyone know what the going rate for owner financing is in The Tampa Bay area? I am assuming that it would be at least a little higher than the current bank rates.

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Hi Ginger - in regards to seller financing I find it typical for owners to offer similar to private financing - usually 8-13 percent, which is better than hard money, depending on what the buyer puts as down payment - how quickly you want them out of the mortgage and their credit.
0 votes Thank Flag Link Thu Aug 13, 2009
Typically, most investors (myself included) base the rate on the buyer's credit rating. Assuming the buyer has good/great credit, then the rate is often 1% greater than the financing already in place.
0 votes Thank Flag Link Thu Aug 13, 2009
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