Selling your home can be a real challenge. And the traditional route can get you stressed? Your property may stay on the market for a painfully long time. A bigger concern is that surveys show only 15% of home buyers pay cash upfront, so the majority need to finance their purchase.
So what to do if you can’t find a buyer right away? You can’t wait for them forever to get the cash for the deal. Well, have you considered owner financing instead?
By offering owner financing, you get to tap into a larger pool of potential buyers. But there are a lot of reasons to take this route. Here are some signs you must explore the idea of owner financing as a home seller.
Sign #1- You want to sell your property faster
When you’ve got to sell your place, you’ll want to seal the deal quickly. But an average American home takes 71 days from listing to closing, which sounds painfully long. But owner financing might be the answer if you’re looking to wrap up the process sooner than later.
By offering to finance the buyer, you’re eliminating the lengthy approval process of a traditional mortgage. So you get the advantage of a quick closure.
Sign #2- You’re having trouble finding a buyer
The housing market can be fickle, so you can’t expect offers to come flowing. Things may get harder if you have an unconventional property, such as a cabin in a less popular area. Well, it’s time to consider owner financing.
You can easily find a specialist to pick a deal for owner financed land with cabin. The best thing about selling to a business instead of individuals is that you can trust them for their reputation and credibility. And you need not wait for them for months!
Sign #3- You want to make more money
Here’s a little secret, sellers! You can actually make more money with this model. By offering owner financing, you can even charge higher interest rates than the bank. It means more money in your wallet over time, right?
Moreover, you don’t have to deal with the painful closing costs and fees that usually come with a traditional sale process.
Sign #4- You want more control
Dealing with banks and real estate agents can stress you out. You may feel that you’ve got zero control over the process and timelines. It’s a surefire sign to opt for owner financing.
You’re the boss as you get to set the terms, from the down payment to the interest rate and loan period.
Sign #5- You want to diversify your portfolio
Savvy investors know the importance of diversification. If you are one, you should definitely consider owner financing. It enables you to unlock a new passive income stream, spread your risk, and diversify your portfolio in the long run.
What else could you ask for, home sellers? That’s what we call a win-win all the way!
So there you have it, home sellers! Check these signs to know whether owner financing is right for you. And if you see one or more of them, go ahead without second thoughts. Happy selling!