Do you want to sell a house, but you want to skip the real estate agent and sell it by yourself? You have probably heard of the cash offers some companies can make, including ours, but you may have read about another strategy, such as, “how do I sell my house owner financing in Hampton Virginia”, that means you are thinking outside the box and you are going to be able to tap into a larger pool of buyers, including those who may not be able to get traditional financing, but have the cash to pay you consistently.
Here is the method “Sell My House Owner Financing In Hampton Virginia“
In most cases, people are familiar with the traditional way to sell a house – through an agent. That means the agent will try to find you a bank-pre-qualified buyer with traditional mortgage financing. In some markets there may not be many such buyers.
However, this method of selling is not without its problems. Sometimes, the seller will need to wait for the financing to be approved and all the paperwork to be done. That is why with traditional selling the process can take months to sell a house. Most of the delays are because of regulations and bank documentation. Also, we’ve seen cases where the deal may go up only so far and then stall and fizzle out… and you may have wasted weeks or even months only to find out that the buyer cannot get financing or does not have enough for a down payment.
If you want to bypass these issues, you may want to consider selling with owner financing. It is much faster and simpler process. You become the bank. You will start receiving payments from the buyer just like a bank starts getting payments from the buyer who has a mortgage. Also, rest assured, there will be mechanisms in place where if the buyer does not pay, you will take possession back of the house. It’s no different than a bank taking possession of a house after foreclosure. Moreover, with this owner financing method, you can work with a wider range of buyers, even those who have the cash but may not have the credit rating to get approved. We’ve worked with many such customers and they have been great. There is one important condition for the owner financing method to work – your house must be completely paid off (mortgage-free).
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.
So, in a nutshell, owner financing is when a buyer skips the bank and buys directly from you. Better yet, you set the rules of the engagement, the down payment (if any) and the monthly payments. You have total control and the attorney doing the deal will fix up all the docs, you just sit and relax. All of that can be done in a matter of a week or two.
Benefits of selling with owner financing
- You have a larger pool of buyers, not just the regular bank pre-approved buyer.
- You get a cash flow, just like you still own a rental home, but without ever having to do any repairs!
- Full protection for you – if the buyer stops paying, you will get the house back.
What’s next…
If you are asking yourself, “how do I sell my house owner financing in Hampton Virginia?”, you can start by deciding how much you would like to get monthly for your house as the “mortgage payments” that will come to you. It’s like having a “cash cow” at your disposal!
Selling this way (owner financing) may not be for everyone. This is a great method only if you do not need a lump sum of cash now or if you are concerned you will blow the cash sum if it comes your way at one time. The owner financing method is a great way to get a monthly cash flow from an asset that you’ve paid off and it can produce for you for years to come, like having an extra pension!