Real Estate Blog
Wednesday, October 08 2008
You want to sell your home, and you have interested buyers; if you are lucky enough to be in this situation, there still may be one obstacle that is holding you back from a closed transaction: the bank. With news of doom and gloom, it is those who think out of the box that will get to the finish line (ie. the closing table).
Consider owner-financing- financing all or part of the amount of the agreed sales price. With the correct advice from your lawyer and accountant, this can be a win-win situation. Buyers can enjoy flexible qualification terms, personalized financing terms, agreeable down payment agreeable, lower closing cost, and faster closing. As the seller, you can look forward to higher sales price, tax breaks, monthly revenue, and the ability to charge a higher interest rate.
Owner financing may be the key to help guide the increased number of pending transactions to closing. The National Association of Realtors reported an 8.8% increase of pending sales in August 2008 from August 2007. As the rest of the nation waits to see how many of these become successful transactions, Sellers, do you homework and seek out all the different pathways that are available to you.
For additional information regarding owner financing, visit about.com
*Please seek the professional advice of your lawyer and accountant as Joa Realty is licensed to sell real estate in Texas and may not advise you on the details of owner-financing.