Do you own a home and are considering selling it? Selling traditionally (through an agent) will provide you with access to some purchasers. However, if you’re wondering, “how do I sell my house owner financing in Baton Rouge Louisiana” then you are making a wise decision that can expand your buyer pool! We will explain why below…
Introduction to “Sell My House Owner Financing In Baton Rouge Louisiana“
When a homeowner sells their home the traditional way (through an agent), the buyers are tWhen a homeowner sells their property the traditional way (through an agent), the purchasers are usually normal buyers looking for a mortgage to buy a house in which to live. There are a lot of these types of purchasers in some marketplaces, but not so many in others. REALTORS often only work with “pre-qualified” customers who can obtain a mortgage from a bank.
However, selling this way often has problems, especially with interest rates rising. Many buyers got prequalified, but by the time they were ready rates increased and they no longer qualified for the house they were under contract for! That puts you back at square one, looking for a new buyer with nothing to show for your time.
A good way to sell your house and expand the pool of possible buyers is a little-known strategy you might not be aware of: selling 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 owed. 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 increases the number of buyers because you will be able to find buyers who might not normally be able to get bank financing.
- It gives you cash flow like a rental, 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 any property management since that will be the responsibility of the buyer.
- You can structure it creatively to create a win win opportunity with the buyer.
Wondering, “How do I sell my house owner financing in Baton Rouge Louisiana”? Start by deciding how much you’d like to get each month for your house.
There are many different ways to sell your house and in this blog post we shared with you how to sell with owner financing. 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.