With changes to the economy that we’ve seen in recent years, many homeowners are discovering that there are new ways to sell their home that weren’t available before. You no longer have to sell through an agent – you can sell on your own or you can even accept seller financing. If you’re wondering how to sell a house by owner financing in AZ , keep reading this blog post and we’ll walk you step-by-step through the process…
In some states, if you have a mortgage you may not be able to offer owner financing (but you can in other states). So the first step is to determine whether you have a mortgage or not.
With seller financing, you are essentially acting like a bank. The buyer will pay you a down payment and then pay you regular monthly payments until the house is paid off, and then it becomes their house. So make sure you talk to a real estate attorney to ensure that you are protected and obeying all federal, local, and state laws while also protecting yourself! (If you need the name of a good real estate attorney, get in touch with us and we can make an introduction.)
Once your paperwork is in place, you are ready to advertise that you have a house for sale. Be sure to let people know that you offer seller financing. There is no limit to how much marketing you should do – the more you can do, the better.
As your marketing captures the attention of potential buyers, work with them to show them through your house. When someone makes an offer on your house, negotiate the price and terms with them and find the middle ground that will ensure a win/win situation. Sign the papers when you and the buyer reach an agreement.
Once you agree on a price and have signed the papers, collect the down payment and hand over the keys. In most situations, you will continue to own the house and collect payments until the house is paid off, then ownership transfers to the buyer.
Arizona is a hot spot for people looking to buy a house. The state has the second-highest rate of homeownership in the country, with two-thirds of homes being owner-occupied. It also ranks near the top when it comes to home price growth, so if you're considering selling your house, now may be a perfect time! […]
A Guest Post From OasisAdvisor When it comes to such an important aspect in your life or the life of a senior you know and love, you want a trusted advisor to guide you every step of the way. Being proactive and planning is the best approach. We want you to know that we understand […]
Things You Can and Cannot Do: When You Have an Exclusive Contract with a Real Estate Agent? Having an exclusive contract with a real estate agent leads to numerous benefits, some expected and perhaps even unexpected. However, when a real estate agent asks you to sign an exclusive contract with him or her, he or […]