Owner Financing-whats It All About?
Owner financing means the seller will not only sell the property to you but will finance the property for you as well
. These terms can vary as much as the seller. Remember everything is always negotiable even if you heard it isnt unless maybe 10 people happen to want the same house as you at the same time and I havent seen that happen in todays real estate market for quite awhile and it hasnt happened for at least a few years that I am aware of. My point is that you should be able to get a decent deal on a nice property anywhere in the USA regardless of your credit.Typically owner financed homes will provide a faster closing with much less hassle and you are usually not required to pay loan origination fees etc. (saves closing expenses typically associated with a bank closing)You can also usually pay a smaller down payment than a bank would require.
If you want to get a home and prefer not to go through traditional conventional bank financing channels then try owner financing as many sellers do not even perform a credit check and allow you to purchase with no qualifying and with excellent terms. As always be smart and hire a competent real estate attorney to review the paperwork and explain it to you as the little you spend could save you a lot. There are many good deals in the marketplace waiting for you via owner financed homes.
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