Seller / Owner Financing Strategies and Techniques For The Homeowner

Learn How To SELL and CLOSE FAST While Getting an ABOVE Market Sales Price

Many sellers are reluctant to underwrite a mortgage because they fear that the buyer will not make the loan payments. But we teach the seller how they can take steps to reduce their risks and show them options and alternatives. We can help the seller with the following:

Loan application. The seller should insist that the buyer complete a detailed loan application form, and thoroughly verify all of the information the buyer provides there. That includes running a credit check and vetting employment, assets, financial claims, references, and other background information and documentation.

Buyer's finances. The written sales contract -- which specifies the terms of the deal along with the loan amount, interest rate, and term -- should be made contingent upon the seller's approval of the buyer's financial situation.

Loan securitization. The loan should be secured by the property so the seller (lender) can foreclose if the buyer defaults. The home should be properly appraised at to confirm that its value is equal to or higher than the purchase price.

Down payment. Institutional lenders ask for down payments to give themselves a cushion against the risk of losing the investment. It also gives the buyer a stake in the property and makes them less likely to walk away at the first sign of financial trouble. Sellers should do likewise and collect at least 10% of the purchase price. Otherwise, in a soft and falling market, foreclosure could leave the seller with a home that can't be sold to cover all the costs.

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