Saving for a down payment can be a difficult and time-consuming task, but there are options for financing a home purchase other than saving or the traditional borrowing options. One option that is becoming more popular is owner financing, and though it may be intimidating to ask the seller to help you finance the purchase of their home, it is certainly an option worth exploring. Here are a few tips to help you successfully negotiate an owner-financing purchase. What Is An Owner Financing Purchase? Owner financing is a mortgage or lending option whereby the existing homeowner lends a portion (or in the case where no mortgage exists on the property, the entire amount) of the purchase price of the property to the buyer. The interest rate, monthly payments, and terms of the loan are negotiated between the buyer and the seller, and the loan is recorded to protect both parties. Finding Out If It Is A Viable Option With Your Home’s Seller Most sellers are not in the real estate industry and so may not even be aware that this option exists, and most of the time if asked they will probably reject the idea. In most cases, you will […]
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