Rent to Own, Lease Option, and Owner Finance Homes in Boiling Springs
by Rob on September 30, 2010
in Boiling Springs Home Buyers, Boiling Springs Home Sellers, Boiling Springs Realtor, Search Boiling Springs Homes For Sale
- Keller Williams Boiling Springs
Keller Williams Wins Buyer Satisfaction Award 3 Straight Years
The amount of Boiling Springs buyers and sellers choosing owner financing, lease option, or rent to own is increasing quickly with the current economic slow down. The problem is that many of these agreements fail because they were not structured properly at the beginning. Whether you are a buyer or seller, this agreement needs to consider the needs of both parties or both will end up with problems. Keller Williams has won the JD Power & Associates award 3 years straight for highest Buyer satisfaction. Rob Turchetta has put together many successful agreements because the buyers and sellers needs were met at the beginning of these contracts.
This site will review how owner financing benefits both buyers and sellers, and allow you to SEARCH THE MLS FREE for homes in the Boiling Springs area offering owner financing or lease option homes.
Boiling Springs Owner Financing: Benefits for Home Buyers
- Little or No Qualifying – Banks have severely tightened the requirements to get a loan. As a result many potential buyers simply can not get the money to buy a home. A seller’s review of your credit history may be much less stringent and forgiving than that of a conventional lender.
Tailored Financing – Unlike conventional loans, sellers and buyers can create custom payment options based on common needs. Interest rates can adjust periodically or remain at one rate for the term of the loan.
Down Payment Flexibility – Down payments are negotiable. Most sellers will require a large enough down payment to allow them to remain confident that the buyer will fulfill the terms of the purchase agreement. This amount will vary based on the desirability of the home for sale, the buyer’s perceived credit worthiness, and the seller’s motivation to sell the home.
Lower Closing Costs – The cost of getting the financing from the seller is much lower than the costs associated with a traditional bank loan. Seller’s often do not charge origination fees, processing fees, administration fees or any of the other assorted miscellaneous fees that lenders routinely charge, which automatically saves money on buyer closing costs.
Faster Possession – Because buyers and sellers aren’t waiting on a lender to process the financing, buyers can close faster and take possession of the home earlier than a conventional loan transaction.
Boiling Springs Owner Financing: Benefits for Home Sellers
- Higher Sales Price – When a seller offers owner financing, the seller may be in a position to command full asking price or more.
Avoid Appraisal Concerns – In today’s market it is not uncommon for homes to appraise for less than what the sellers owe on them. Sellers who offer owner financing do not face the need for the home to appraise for the full sales price as it does with traditional financing.
Tax Breaks – The seller might pay less in taxes on an installment sale, reporting only the income received in each calendar year or potentially putting off any taxes until the home is paid in full.
Monthly Income – Payments from a buyer may increase the seller’s monthly cash flow, which gives the seller more spendable income each month.
Higher Return – Owner financing rates of interest are typically higher than what a seller may earn in a money market account or other low-risk type of investment.
Shorter Listing Term – Owner financing will often attract a different set of buyers willing to overlook issues that traditional buyers may be concerned by. If a property is not selling under conventional methods, offering owner financing may help a home stand out from the crowd in any market. Owner financing is the one of the best ways to move less appealing properties that might otherwise go unsold.
Guaranteed Monthly Payments – Call Rob at 864-621-7900 to discuss owner financing your home and the monthly payment guarantee.
Search the MLS for Boiling Springs
Homes Offering Owner Financing
Priority Buyer Status Form
There are more buyers then sellers for homes offering owner financing. Filling out the buyer form completely will give you priority status.
Click here to search all homes in Boiling Springs
Great post Rob. The real estate market today offers many opportunities for buyers and sellers like never before. One of the most successful strategies for a buyer and seller is seller financing. It moves the process along and assists the buyers who may not otherwise qualify for traditional financing. Make sure you use a realtor to structure the agreements.
Thanks for sharing this information Rob. With the tough market a lease to own, rent to own or seller financing is a good option for those sellers needing to move sooner rather than later.