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Seller financing has benefits for both the buyer and the seller.
WHAT IS SELLER FINANCING?
With seller financing, the homeowner becomes the seller and the bank. The homeowner owns the home free and clear, and in essence, offers to be the bank for the new homeowner. An agreed upon interest rate, down payment (typically around 20%), and terms of re-payment are agreed upon by the buyer and the seller. A mortgage is drawn up and you pay the seller as you would any other bank or lender.
HOMEOWNER BENEFITS OF SELLER FINANCING
If a homeowner is having difficulty selling a home, offering seller financing is one way to stand out above the rest. With a tight credit market, seller financing will increase your pool of interested buyers. Additional benefits include a higher chance of receiving a full priced offer, a fast closing, and the potential to receive a 9 – 12% interest rate.
BUYER BENEFITS OF SELLER FINANCING
Buyers who can not get a conventional loan will find seller financing to be a valuable option. Buyers may pay a higher purchase price and interest rate, but despite this, there are many benefits. There is the opportunity to improve your credit, no loan costs, (such as origination fees, points, and underwriting charges), and a quick closing.
Call or email me for a list of seller financed properties
Sarasota homes for sale
Bradenton homes for sale
Venice homes for sale
Palmetto homes for sale