You may be wondering what your options are if you’re thinking about selling your house. Maybe you’re looking into something called “seller financing” (also called “owner financing”). Owner financing is a very effective and little-known way to sell your house. You may be wondering, is owner financing a good idea for the seller in New Orleans? This is a great question and we’ll talk about it in this post.
Here’s How Owner Financing Works
Normally, buyers don’t have ALL of the money they need to purchase a house. They will go to a lender (such as a bank), make a down payment, and then make regular monthly mortgage payments until the borrowed amount is paid off in full.
Most people are familiar with this method of buying and selling, but there’s another way to sell your house that you may be unaware of, and it involves owner financing.
Everything is similar with owner financing except for one thing – the seller of the house acts like the bank: the buyer pays a down payment to the seller, then makes regular payments (just like mortgage payments) to the seller until the house is paid in full. The ownership of the house then transfers to the buyer.
Many Sellers Are Wondering, Is Owner Financing A Good Idea For The Seller In New Orleans
Many sellers find owner financing to be a great idea.
- They have a larger group of potential buyers to sell to (including those who may not qualify for traditional bank financing)
- They get monthly cash flow from financing payments
- They still own the house and are protected, should the seller stop paying
- There is no property management
Whether you’re selling your primary residence or you’re a landlord who wants to sell some rental properties, owner financing may be a great option for you.
If you’re serious about selling your house and want to explore all of your options, take a closer look at owner financing.
With that said, owner financing is not for everyone. If you want to talk to one of our team about how owner financing might work for you, and what some of your other options are, call our team right now at (504) 224-9066 or click here to fill out the form and we’ll get back to you ASAP