| Selling a house in 2010 is going to be more difficult | | | | This means the seller gives the buyer the deed to |
| than ever in most markets. | | | | the home in exchange for a cash down payment |
| How can a seller still get a fair price for their | | | | and in "IOU" or "promissory note secured by a |
| home and make sure there is a strong buyer | | | | mortgage. |
| demand for it? | | | | After the sale, the seller enjoy both their net |
| The answer is simple--use Owner Financing! | | | | cash and monthly payments. |
| Remember there are three ways that buyers can | | | | The buyer owns the home and like any other |
| purchase a home: | | | | form of financing, makes monthly payments until |
| 1--their own cash | | | | they have paid off their mortgage. |
| 2--others cash (i.e. new loan from a bank or | | | | Doesn't that sound easy? It is although it requires |
| mortgage company) or | | | | certain knowledge and assistance to both sellers |
| 3--seller financing. | | | | and buyers in the form of Realtors, Attorneys, |
| The first two are easily understand by sellers and | | | | Title and Escrow Co and a Servicing business to |
| buyers. | | | | help successfully close these type of deals. |
| Seller or Owner financing is not. | | | | For 2010 and beyond, since it has gotten more |
| How does it work? | | | | difficult to buy/sell homes, consider Owner |
| Instead of a buyer going to a 3rd party bank or | | | | Financing as one of three tools for creating Win |
| mortgage company for a new loan, the buyer | | | | Win solutions. |
| simply asks the owner to seller finance. | | | | |