Arianna, Both Buyer and Seller in Bergen County, NJ

Need tips on finding a situation where Seller is willing to finance?

Asked by Arianna, Bergen County, NJ Tue Sep 21, 2010

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5
Dp2, , Virginia
Tue Sep 21, 2010
Deals with seller financing typically aren't found; rather, they're negotiated.
0 votes
Terry Bell, Agent, Santa Rosa, CA
Tue Sep 21, 2010
If you are working with an agent, they can access on the MLS sellers that have indicated they will accept terms of owner financing or lease options to buy. Also, most agents can search online property tax statements to see if owners are carrying mortgages or own their house outright. If sellers own their home without a mortgage, they are in a position to consider carrying a note for you. Usually, then they will expect to get their full or close to full price, and of course, a large down payment, and probably will want some terms that include a balloon payment within 5 years. Talk to your agent and see what they say. Best, Terry in California
0 votes
gabriel palo…, Agent, Pompano Beach, FL
Tue Sep 21, 2010
Ask and you shall find.
How much money do you need?
What rate are you expect to pay?
How much of your money are you putting down?
How long do yo need the money?

E mail you answer.
0 votes
Victor Lozada, , Bellevue, WA
Tue Sep 21, 2010
Caroline is correct. Many MLS systems allow for searches of listings that accept seller financing and your agent can search on that. However, I'd bet most agents don't even ask if their seller client is open to seller financing, so presumably not a lot of homes will show up in the search. Since it's not common for seller financing, you and your agent will have to do some footwork. The most effective way would be to contact listing agents for any home interesting to you and see if they would be open to it. You probably want to have some basic criteria of what seller financing you'd like such as interest rate and loan to value percentage.
0 votes
Caroline Choi, Agent, Los Angeles, CA
Tue Sep 21, 2010
Hi Arianna, I would recommend finding a realtor who is able to search the MLS for you to see if a seller financing situation is available in your area. You can also check for sale by owners via various websites whether craigslist.org or forsalebyowner.com. Many sellers these days would rather cash out I'm sure, but maybe there's a few here and there who might be willing to do seller financing. Best of luck!

Caroline Choi
Broker Associate/Realtor
Caroline Sells The City LA
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