Sellers in Atlanta Should Know These 6 Owner Financing Pointers

Please read this blog post if you are considering selling your home using owner financing. You will learn the 6 owner financing tips for sellers in Atlanta that you should consider.

There are numerous options for selling your home. You could put it on the market and see what buyers are willing to pay for it. A real estate buying company (such as what we do here at Georgia Fair Offer) can help you get a fair all-cash offer, or you can consider owner financing to sell your house to a buyer and collect payments over time.

It is a valuable but underutilized strategy for selling your home, and it should be considered. It is the process by which you offer the buyer terms to pay you in regular installments (just like a mortgage). Here are six owner financing suggestions for sellers in the Atlanta area…

Owner Financing Tip #1: Don’t Just Look At Price. Look At Everything.

Price is only one factor to consider. The obvious consideration is finding a price that is reasonable for both of you, but there are a few other factors to consider as well (which could benefit you more than the asking price).

Owner Financing Tip #2: Establish a timetable

Consider the time frame in which you would like to be compensated. Banks may offer mortgages with terms ranging from 5, 10, 15, 20, and 25 years. Do you want to accept payments over a period of time that is longer than that? Additionally, your buyer will want to find a timeline that works for them as well: they may not want to be responsible for paying you 25 years down the road!

Owner Financing Tip #3: Consider the Terms

The terms of the agreement are one of the most important, yet often overlooked, aspects of the transaction. Items such as how much down payment you require, whether or not there is an early repayment or late payment penalty, and, perhaps most importantly, how much interest you charge could be included in the terms….

Owner Financing Tip #4: Ensure Your Own Security

If you enter into an agreement with someone you believe is completely trustworthy, things could still go wrong – so make sure you take precautions to safeguard your financial interests. For example, make certain that you and the other person are both covered by insurance in the event of a variety of situations that could arise. In addition, consider including a clause that states that you will retain ownership of the house until the loan is completely paid off.

Owner Financing Tip #5: Include contingencies in your financing.

The “ideal plan” – that is, what would happen if everything went perfectly – will be the foundation of the majority of your owner financing agreement. In the event that something unexpected occurs, preparing for it will allow you to make better decisions in the event of an unforeseen event. If, for example, the buyer no longer wants the house, or is unable to pay, or wishes to pay in full sooner than expected, or wishes to use the house in a different manner than anticipated, what should be done? What if your circumstances change and you no longer want to sell, or if you need to sell even faster than you originally planned? Set up contingencies with your buyer ahead of time, and the transaction will go much more smoothly from that point on.

Owner financing tip #6: Consult with a lawyer

No matter how you decide to structure your owner financing agreement, make sure you collaborate closely with an attorney who can assist you throughout the process. A poorly written agreement could end up costing you money; an attorney can help you avoid this.

Are you thinking about selling your house?

If you’re thinking of selling and exploring your options, consider selling directly to us. If you don’t want to go through the hassle and headache of selling to the market then we might be able to help. Call our team at (404) 855-0944 or click here now and fill out the form and we’ll give you a fair all-cash offer on your house.

Kelly

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