By Bob Davis

What you missed April 2007 Meeting
by Robert Davis

Would you like to get rid of that hard to sell house?  Maria Fee talked about how to properly sell a house using owner financing.  The two main things a buyer is confronted with are cash and credit.  If we can get a big enough down payment, we can finance that hard to sell house when a bank won’t.  There are several positive things about owner financing.
 If we are buying, we may be able to have the seller hold the majority of the sale price in a note and mortgage. We can avoid most of the charges a conventional lender will add on to the cost of the sale.  We may avoid such things as loan origination fees, document preparation fees, courier fees, etc.

We also avoid excess scrutiny by the lender.  This will allow us to purchase a house we may not otherwise qualify for.

When we are selling, most of the same positive things happen.  We get to sell our house maybe quicker and close faster than we might if the buyer had to qualify for a conventional loan.  We also gain a decent interest on our equity.  We can also wrap any existing mortgage, collect a higher interest on the entire sale price while paying a lower interest on our existing loan. Maria also said we can usually tack on about 5% over the fair market value when we seller finance.

She said a lot of people think seller financing is a desperation move, or a last ditch effort, or a high-risk transaction selling to bad credit risks.  This is not the case.  If done correctly, seller financing can be a good way to earn a decent return on our money as opposed to maybe 5% from a bank or credit union.  In the past few years, we have enjoyed an extreme seller’s market. Just about anyone could buy a house. That is no longer the case.  Many of the low credit lenders are not lending or have gone away. The more conservative lenders have tightened up their criteria for lending money. Therefore, many people who could have bought a house a year ago or more can no longer qualify to buy. So this is a good time to add seller-financing methods to our toolbox for real estate.  Maria Fee has the knowledge and the courses to teach us how to seller finance the right way.  She can be reached via the internet at or by phone at 1-866-871-5914.

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