Seller financing is an excellent way to get a house sold and not slash the price. There are many people who can't get "traditional" financing. Property sellers (and their real estate agents) that can think out side of the box, can shorten the time investment involved that gets the property sold. Better yet, a seller who can offer financing is more likely to get a higher asking price for their property, even if the market is slow. This can create a win-win situation for seller and buyer.
Most home sellers don't realize that financing a buyer directly can be done. They are not aware or understand the benefits of how creating a "note" works. Let's examine the advantages of the owner who finances.
Advantages
#1 is MORE BUYERS Seller financing can be a strong option when the market is slow or there is too many similar properties on the market. By just listing "OWC" - Owner Will Carry - makes the property stand out thus attracting more buyers. Many people cannot get funding from a bank, as a seller offering financing opens the doors to these potential customers thus significantly increasing the group of buyers.
#2: MORE MONEY Another critical advantage of seller financing, is the likelihood of seller getting a higher price. By the seller offering to carry a "note" to finance, increases the number of potential buyers, and brings in a unique demographic who are willing to pay more for a given property than the general population.
#3: LONG TERM PROFIT Another perk is, when the seller finances the buyer, they are "the bank". That means they can collect interest. Over time, if the seller holds on to their note, this can add additional income but they always retain the right to sell the note at anytime if they need the cash now!
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