Hello, I posted an owner finance deal about 1 month ago on craigslist and have had only 2 responses. I find that odd but perhaps this is normal when throwing out on the internet for doing owner financing? I am reluctant to advertise on MLS to avoid having to pay extra $$'s to an agent if they bring a buyer. It could be just the nature of the deal, putting it out on MLS since craigslist is not drawing anyone. I was trying to maintain owner financing and not an outright sale. Can you list on MLS as for sale by owner owner financing only? Was also trying to avoid having title insurance, I dont think its needed.
@Mark C. I'm not sure if Texas has any special rules on this, but true owner financing is title going to the buyer and you hold the note. So yes there would be a title company involved. As a buyer, I would never entertain a deal like this (not an outright sale you mentioned) unless I was purchasing the property and putting it into my name. So maybe that's why not too many responses?
Craig's List was the hot commodity a decade ago. Now? It's a breeding ground for spam, scams, and con artists. Market elsewhere: Facebook Marketplace, Facebook groups related to the location, and many other social media sites, as well as the many FSBO sites that are online.
There are only two reasons why a property isn't sold or rented. Either your marketing is inadequate or your asking price/rent isn't in line with local market sentiment. Correct the problem and your house will be the greatest thing since canned beer.
In Texas they are pretty flexible with owner financing. Title insurance is not required and paperwork that I have had quoted ~$350 for note, deed and warranty deed. I would pay for the appraisal and buyers to pay an inspector if they want. Int% rates vary on amount down but negotiable. I am fixing to throw it out on Zillow/Trulia for sale by owner. In Texas the seller pays the title.
Are there any special hoops you have to do owner financing to ensure you dont violate any dodd frank rules? I see these guys pitching RMLO to do all the paperwork to meet guidelines?