In the past few years, homeowners have been finding new ways to sell their house due to recent changes in the economy. Selling through an agent is no longer your only option – you can do it all on your own or even accept seller financing. If you’re wondering how to sell a house by owner financing in LA , continue reading and we’ll show you the process step-by-step.
Step 1. Determine whether you own the house outright or still have a mortgage
If you have a mortgage, you may not be able to offer owner financing in some states. Your first step is to figure out if you have a mortgage.
Step 2. Talk to a real estate attorney for help in crafting an agreement
You are basically acting as a bank when it comes to seller financing. The buyer will give you a down payment and then you will make monthly payments until the property is paid off and then becomes their home. Speak to a real estate attorney to make sure that all federal, local, and state laws are being followed while protecting yourself at the same time! (If you need the name of a good real estate attorney, get in touch with us and we can make an introduction.)
Step 3. Market your house online and offline
Once the paperwork is set, it’s time to advertise that you have a property for sale. Don’t forget to inform people that you offer seller financing. The more marketing you can do, the better.
Step 4. Work with potential buyers
As your marketing attracts attention, work with potential buyers to walk them through your house. When an offer is made, negotiate prices and terms and find a middle ground that works for both parties. Sign the papers once an agreement is made between you and the buyer.
Step 5. Collect the down payment and hand over the keys
When the price is agreed upon and the papers are signed, collect the down payment and give them the keys. You will typically own the house and collect payments until it is paid off, then the ownership will transfer over to the buyer.
If you’re wondering how to sell a house by owner financing in LA , we can help. We might be able to offer you some advice or even work out an owner financing arrangement where we buy your house from you. Talk to our team at (504) 224-9066 or by clicking here to fill out the form.