Question removed

Asked by Mikeamick1, Baltimore County, MD Fri Sep 19, 2008

This question was removed by its author.

Answers

3
Amanda Lopez, Agent, Lutherville, MD
Fri Sep 19, 2008
BEST ANSWER
I think owner financing is a great option if you know someone that can help you through it if you are considering it. I have purchased two homes through owner financing and the owner has found it to be a better option. Especially right now, if you are a seller and can do without the lump sum, it is a great return on your investment. Imagine getting a straight 6% return! It can also help a buyer and the rate of foreclosure on owner financing is statiscally much lower than with banks.
If you are the seller and are considering it, talk to someone who can help you iron out the details. for the buyer it also lowers their closing costs because they are not paying all of the fees associated with getting a loan.
i think as the mortgage market is going to be getting tougher, if you can offer this to a buyer it may help sell your home quicker. A lot of agents and buyers are unfamiliar with this as it has been so easy getting loans in the past years but I do think this is going to be a more common approach, maybe especially with people that can do this.
0 votes
Bill Eckler, Agent, Venice, FL
Fri Sep 19, 2008
Mike,

In you location there has been an adjustment.....where there were none previously, we are now seeing these offerings occasionally.

I think some sellers are finally coming to the understanding, that this may be a means by which to recognize porfit as opposed to loss.

Our feeling is there will be more of these opportunities on the horrizon.

The"Eckler Team"
0 votes
Scott Godzyk, Agent, Manchester, NH
Fri Sep 19, 2008
I ahvent seen that it is, most sellers are not in a position to do owner finance. I have seen investors though starting to offer owner financing in multy family homes, it allows them to get a higher price than most REO homes being sold as most new investors or people wanting to be investors, cant or dont have the cash to buy at auction or compete with investors making cash offers on all the multis coming on the market.
Web Reference:  http://www.ScottSellsNH.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more