HOW TO CONVINCE HOME SELLERS TO FINANCE YOUR PURCHASE.
Even after explaining all the seller benefits of financing the home sale, some unmotivated sellers are hesitant to carry back a mortgage on the house they are selling.
When that happens, I have resorted to desperate measures when I realize a carryback mortgage is in the best interests of both the seller and the buyer (me!). "Convincer methods" that work include
(1) offering to prepay six to 12 months of mortgage payments at the closing (instead of a large down payment);
(2) providing a year's post-dated checks so the seller can deposit a check on the first day of each month; and/or
(3) giving the seller a copy of my credit reports and FICO (Fair Isaac Corp.) score obtained at http://www.myfico.com/.
SUMMARY: Especially in the current buyer's market for homes in most cities, seller mortgage financing is the easiest way to pay for a house or condo purchase with no institutional loan application hassles.
Home sellers and their agents need to understand all the seller benefits, including monthly income secured by a mortgage on the home being sold. The best seller finance candidates are free-and-clear homes, especially vacant houses. Not every home can be purchased with seller financing. But all you need is one!
No comments:
Post a Comment