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Owner Financing or Contract for Deed
Many sellers do
offer owner financing or would consider holding a mortgage or
contract for deed agreement to sell their property!
What
is Owner Financing?
Instead of getting financing from and traditional lender, i.e...
bank, credit union or mortgage company, many sellers would finance
your purchase themselves. This can be done as a "mortgage" or
"contract for deed agreement." In example... a seller or buyer offers
terms of sale, these typically are; the sale price, down payment, an
interest rate, a monthly payment and a balloon payment or sunset to
the agreement. As the buyer you are the "equity holder."
::::::::::::: I've
bought all of my properties by owner financing. :::::::::::::::
Here's one example of
how I've bought property with owner financing...keep in mind all
deals are different and these numbers are variable from one deal to
another.
Sales Price:
$27,000
Down Payment:
25% [ $6750 ]
Term:
36 months
Interest Rate:
7%APR
Monthly Payment:
$300
End of Term:
all of the remaining balance is due to seller.
If you'd like to learn
more or would like to try purchasing property via owner financing
please contact me and we'll work out the details.
Please contact
Chad M Jones - OWNER, BROKER, GRI REALTOR
at 218.387.2075 [ complete contact info ] |
