There are a number of different ways to negotiate an owner finance transaction. Here are some examples of terms to negotiate: You can negotiate the price of the property, the amount of the down payment, the term, the balloon, the interest rate, and the monthly payments.

One of the benefits of using owner financing instead of a traditional mortgage loan is that you’ll save on closing costs. That is because you won’t have to deal with any lender fees, such as application and origination fees, interest points, and more. Closing at Maas law firm you will have the standard amount for the owner financing, but you can avoid other closing costs if you decide to, write that into your contract.

You do not need a real estate agent to do an owner finance closing at Maas Law Firm you then will avoid the Commission costs associated with buying and selling a home, but you lose the luxury an agent finding buyers for you and qualifying buyers. We recommend a service for qualifying buyers who are interested in purchasing your home with an owner finance, please inquire for details.

An owner finance transaction is as safe as traditionally buying a home. Sellers are legally bound to the same laws as a conventional home sale and required to follow specific rules if they ever do want to foreclose on you.

An owner finance gives you more available buyers, but you have to realize it is still a risk that the parties will default on the loan and you might have to foreclose. To avoid this, we recommend a service to fully check, credit and ability to pay a mortgage. Please inquire for details.