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Can Seller Financing help you sell your property
by Phyllis Espinoza
You may be an investor or rehabber who buys
and sells properties frequently, and the quicker you
are able to turn around your properties, the more
profitable you are. However, when you sell through
conventional means, put the property on the market
and then try to find buyers who qualify through an
institution, it may be 2 months to several months
before you find a buyer who qualifies. Meanwhile the
property may be sitting vacant and at risk of being
vandalized, and you are still paying taxes and
insurance on it.
Is there a way of speeding up the process of
advertising and selling the property?
There is a solution: Advertising your
property while offering Seller Financing.
By offering Seller Financing you are in a way acting
as a bank and extending financing to buyers who
would not qualify through an institution due to poor
credit, no credit history or past financial problems
such as bankruptcy. Seller Financing expands the
base of potential buyers for your property, and this
alone increases your chances of finding a buyer much
more quickly. It also allows you to work out the
terms of the new Note with the buyer that are more
agreeable for both of you.
What happens if at some point you decide you no
longer want to act as a bank and receive and manage
these monthly payments?
What if you do not want your money to be tied up in
this way and instead want to re-invest it?
There is also a solution: Once you
create the new Mortgage Note at closing, you can
sell it for Cash by doing a Simultaneous Closing.
Many Note investors buy these new Notes for cash at
closing or shortly after, a transaction commonly
known as a Simultaneous Closing. The seller receives
the down payment from the buyer plus his cash from
selling the Note, and is free of the property.
The Note investor now acts as the bank and receives
the monthly payments from the new Note.
You will have accomplished all this in about 30
days, as compared to selling the property by
conventional means in 2 to 4 months, or more. This
allows you to turn your properties around much
quicker so that you can consider other investments.
If you are a homeowner looking to sell your
property quickly because you have been relocated
through your job to another city or state, or
because of other personal reasons, you may also want
to consider using the above techniques. Selling
quickly means no traveling back and forth while the
property is for sale, no headaches about possible
vandalism, no additional taxes or insurance to pay.
But this method is not for everybody. A seller
willing to go through this process has to face the
issues that usually realtors and lenders go through,
such as setting the sales price, screening buyer’s
applications and dealing with title companies. Some
people are more willing than others to do this.
To make this work, the seller needs to be organized,
have the house documents in good order and be
willing to do some homework. That’s why there are
more investors and rehabbers using this technique
than there are homeowners. But the ones that venture
into this new territory can be well rewarded at the
If you want to sell your property quickly and get
cash on closing, this may be your best way to go!
About the author
Phyllis Espinoza is an expert in Simultaneous
Closings, an emerging field of creative real estate
financing, and the owner of the website
Her goal is to help as many people as possible by
making this useful technique better known.