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Seller Financing - Six Safety Tips
Why offer seller financing when you sell? A higher price, a good return on your money, a faster sale and to sell a property that is otherwise difficult to sell. Some good reasons, but how do you do it safely? 1. Get a large downpayment. The most obvious way to be safe, and not always possible. 2. Get other security. If they want it with little down, and you like the return you'll get, make it safe by putting a mortgage on other property the buyer owns, to be released when they've paid down the balance to a certain level. 3. Check their credit. Have them pay for and bring you a credit report. Bad credit may be okay, but type of bad credit is important. Unpaid hospital bills they're disputing are not as relevant as unpaid loans. 4. Trust your instincts. If you are usually right about people, give some weight to your judgement of their character. I'd trust a man who felt morally obliged to pay his debts over a playboy that happens to have decent income at the moment. 5. Consider the whole picture. Suppose a bank will loan 90%, and is okay with you taking back a $5,000 second mortgage, allowing the buyer to get in with what cash he has. If you're getting $6,000 more than you expected by accomodating the buyer's needs, where's the loss? You're okay if he never pays the $5,000, right? 6. Talk to a lawyer. Maybe in your area it takes two years to get a foreclosure on a mortgage through the courts, and only six months to foreclose on a "contract for sale." Knowing these things can help you sell in the safest way. Offering seller financing makes it easier to sell, and to get a higher price. Just be safe about it. Have a real estate lawyer review your paperwork, and use the tips here. Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com
MORE RESOURCES: Couple in California surrogate case also faces two lawsuits over real estate business practices NBC News Altadena’s rough real estate market: Slower sales, lower prices, lottery winner plucking up properties Los Angeles Times Real estate magazine reports Les Wexner as Blue Heron buyer The Martha's Vineyard Times Real estate expert warns socialist mayoral candidate could trigger massive NYC exodus - Fox Business Bedrock flexes its real estate portfolio to grow Detroit's tech ecosystem - Crain's Detroit Business Bedrock flexes its real estate portfolio to grow Detroit's tech ecosystem Crain's Detroit Business Canadian psychologist Jordan Peterson sets up shop in the Valley, records show The Business Journals Office real estate wide open in Denver as vacancy rate hits 36 percent Colorado Public Radio Homeownership education needs a reboot — and a new messenger Real Estate News by RealEstateNews.com NAR Real Estate Forecast Summit National Association of REALTORS® 21-year-old confessed but not convicted killer pleads not guilty to murder of real estate agent ABC30 Fresno Vail Valley real estate inventory is on the rise VailDaily.com Real Estate Partners Dollar Tree A New Perspective: Here Comes the Groom | Real Estate Insights Piedmont Exedra Let's Talk Business: June residential real estate sales lagging, heritage grants and more Pueblo Chieftain REAL ESTATE | 5221 Little Cedar Lane in West Bend, Wi | By Emmer Real Estate Group Washington County Insider Dawson County weekly real estate transactions, July 18 Central Nebraska Today ‘Unfiltered’: Are agents ready for a buyers market? 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