As an owner of real estate you have options when it comes time to sell, more options than you might think. Of course, you have the option of what to sell your home for and whether or not you want to paint the house or leave it as is. You also have the option of providing owner financing; a powerful selling tool.
When you list your home for sale and your real estate agent lets potential buyers that owner financing is an option then you'll establish a wider pool of buyers. But how do both offer owner financing and prequalify potential buyers?
Understand initially that when someone approaches you for owner financing there's a reason. Maybe two or three reasons. But the primary reason is that they can't get qualified for a regular mortgage. Sometimes it's because of a loss of job or bad credit or other negative factors. Other times it's none of those and there's a legitimate buyer who has a down payment and needs owner financing.
First, run a credit report on the potential buyers. Don't take a credit report supplied by the buyer, there's too much room for fraud. Instead, ask the buyers about their credit and if there's a bad history, find out what happened and if it's likely to happen again. Then sit down with them in front of a computer and pull a free credit report from www.annualcreditreport.com, a website established by the three main credit repositories and is free once per year and available to everyone.
When you have a potential buyer that has good credit and a down payment ทาวน์โฮมมือสอง it's because the buyer has steady income yet the lender won't count it. This is usually the case when someone becomes newly self employed or does not have a two year history of recent self employment. For example, an automobile mechanic with a 20 year history of stellar car repair decided to open up his own shop and his new business is really humming along. Yet without a two year history of self employment a lender might not use that income. But you might.
If your buyer has solid credit and can provide a legitimate explanation as to why a bank won't provide financing then you might have a located a solid buyer, you get some down payment money and interest income to boot!
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