Thinking about selling a house you own but not sure how you want to go about it? The most practical next step is to research all of the potential options for selling a house beyond just listing with an agent. After all each strategy has its own unique advantages and disadvantages so the best approach is to research all of your options to determine which one is best suited to your specific needs. If you are wondering if selling your house through owner financing in {market_city} is a good idea then you’ve come to the right place. Keep reading below to find out the specifics on selling a house with owner financing in {market_city].
Introduction to “Sell My House Owner Financing In Chicago IL“
When a homeowner sells their home the traditional way (through an agent), the buyers are typically regular buyers who are trying to get a mortgage to buy a house that they will live in. In some markets, there are a lot of these kind of buyers but in other markets there aren’t as many. And real estate agents typically work with these kind of “pre-qualified” buyers who can get a mortgage through a bank.
However, this method of selling is not without its problems. For example, sometimes you have to wait to see if a buyer can even get financing (and sometimes the financing falls through so you’re forced to keep showing your house to find another buyer).
If you want to increase the likelihood that you’ll sell your house, and expand the range of possible buyers who can buy, here’s a little-known strategy you might not be aware of: sell your house with owner financing.
Owner financing is when a buyer skips the bank and buys directly from you. In essence, you’re the bank! Just like a bank, you get an up-front deposit and then you get regular payments that pay off the amount owing. In most cases, you hold the title until the house is fully paid off, and then the title transfers to the buyer.
Benefits of selling with owner financing
- It opens up the number of buyers because now you’ll be able to find buyers who might not normally be able to get bank financing.
- It gives you cash flow, since they buyer will need to pay regular payments to you (just as they would need to pay regular mortgage payments to the bank).
- It protects you because even if the buyer stops paying, you still own the house!
- And unlike owning a rental, there isn’t a lot of property management since that will be the responsibility of the buyer.
What’s next…
So, if everything you’re read sounds good and you are thinking selling by owner financing is the best option for you then take start thinking about the monthly cash flow that you’d like to make each month. This will help you figure out what terms you’d expect from your buyer.
Selling with owner financing isn’t for everyone but if you want more exposure to buyers, plus some cash flow, plus plenty of protection, then selling with owner financing might be right for you.