Many potential buyers are still rebounding from the credit ramifications of the real estate fall in 2009. These buyers may have excellent jobs, a down payment and an ability to make sizable monthly payments towards a mortgage. However, due to credit woes they are unable to qualify for a home.
Sellers may be able to benefit from assisting these eager buyers by facilitating an owner will carry for their listing. Here are some reasons why an owner will carry can be profitable to sellers.
- Make More Money: Financing is an important factor in selling a home as it can make a huge difference in who can buy your home. Some buyers have plenty of money for a larger than normal down payment but no credit. Those buyer’s with poor credit will pay a higher price for a home with owner carry terms as there are very few available. This can be very beneficial to the seller, equaling a higher down payment and more money in the long run.
- Retire: Retired and want to liquidate your real estate investment but don’t have a good safe place to put your money to produce income for your best years. Why not leave it in your home and receive a very safe and profitable income from your investment. The way to accomplish this is through an owner carry with a note and trust deed recorded against the property. With a large down payment this is one of the safest methods to create long term income at a very low risk.
- Stand Out: Another reason to owner carry is it makes your property different from 99% of the properties on the market that don’t have those same terms for people with money and income but a bad or no credit score. When you make your property stand out like that, selling is considerably easier and quicker.
- More Buyers: By having an owner will carry you open your home up to more buyers. We recently had a buyer who could put down $300,000 but had some past credit issues. By being an owner will carry you open the door for more buyers like our client who are eager to buy and willing to put a large amount down.
- Happy Buyers: Buyers, who have struggled to find a perfect owner will carry home, will be so elated to find your home. Buyers who are looking for an owner will carry home spend a lot more time looking than a typical buyer because owner will carry homes are few. These buyers will be elated to work with you.
Overall, an owner will carry could be a wise investment in your future between making more money, standing out and working with eager buyers. Please contact us if you are interested in finding out more about listing your home as an owner will carry.