Sell Your Columbia Home Faster With Seller Financing

In today’s Columbia SC real estate market, we are seeing more and more properties for sale flooding the market, but fewer and fewer buyers for these properties. The result is that house prices keep going down every month.

As a result, it has become tougher and tougher for people to sell their properties. You find that you get little to no interest when you try to sell your house. Let’s look at how to generate interest by using owner financing, and probably selling it fast or even for a higher price than you would otherwise sell it.

What is Owner Financing?

Owner financing is when the seller agrees to become the bank for part or all of the value of a particular property. As the seller, you may own the property free and clear, or you may still have a mortgage on the property.

Whatever the case, it is advisable for you to seek help on how to structure and close your owner financed deal. Make sure you talk to your CPA and real estate attorney.

The buyer usually pays a down payment once the seller agrees to owner finance the property. The seller then receives monthly payments just like a bank.

What Makes Owner Financing Attractive to Buyers?

Why should a buyer choose your property when there are numerous other properties in the neighborhood, perhaps even selling for a lower price?

Before a buyer ever comes to see your house, they will have to be attracted to it by the terms you have set for the sale. Seller financing attracts a lot of attention for your property.

With the banks and mortgage companies tightening their lending procedures, most people can no longer qualify for a conventional mortgage. Most people’s credit has also been bruised during the down economy. Many of these buyers can only buy real estate through owner financing.

When you are selling your house, you end up generating a lot of interest, selling faster, or even selling at a higher price by using seller financing.

Your listing price should be estimated from comparable sales in the area. But it is important to be careful which properties you use as comparable sales. Owner financed properties usually carry a higher price than others and this price may therefore not reflect the true value of similar properties.

Columbia SC real estate sellers who adapt to changing market trends, like offering owner financing, often end up selling quicker even where others cannot sell at all.