Using a realtor to buy with seller financing
Hello guys, I am figuring out how to make my purchase in the next months, and I am thinking about seller financing. This question is directly for the realtors in this community , how do you guy work with a buyer that want to use this strategy? thank you so much for your help.
Most Popular Reply
#2 Real Estate Agent Contributor
- Real Estate Broker
- Coppell, TX
Just a couple of thoughts.
#1 I think there are very very few owner financed properties. So your choices will be very limited. For example in DFW area I may see 1-2 a month. You have to think about who can actually owner finance. Very few. Then do the ones who can want to do it? Very few.
#2 In my area the typical owner finance deal I see requires 10-20% down and probably 12-14% interest on 10 year balloon note. So you really have to think about if that is what you want to do.
#3. Bank financing will likely be a much better way to go if you can do it.
#4 Due to so few options, probably most good/ great realtors are not going to work with your seriously.
#5. I think there is a lot more risk with this option. Risk you just loose all your money...year one or year 10. There are a fair number of posts here of buyers that now have a problem. For example what happens if you make all your payments but can't get lien release?
What makes you want to try this option?