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Posted almost 12 years ago

Property not selling? Offer to be the bank

With the changes in the traditional mortgage market and banks not lending unless you have a 760 credit score with no late payements in the past 12 months (not even to your grandparents for the $20 loan they gave you til Monday) more and more home buyers are on the market now than ever. Most of them would love to own a home but obviously the banks will not lend to them. So your home is on the market and you are trying to sell asap....SOLUTION ?  offer to finance them yourself..... I know, I know...I know what you are thinking.  In Layman's terms, you determine the down payment TO YOU, you determine the interest rate they pay TO YOU, you determine the lenght of the contract before full pay off TO YOU.. do you see a resemblance?  YES, you are now the bank. This is big business at the bank, so why not become the bank yourself. YOU determine who you lend to now, befor you know it, you will have a line of applicants to choose from to owner finance your property to.

Bottom line, if your property is not selling and has been listed for months, throw in those 3 little words and see how many potential buyers you will now have to choose from.

Just so you didn't forget:  "Owner Will Carry"


Comments (1)

  1. Do you need to own the house outright in order to do this?