Home Buying Tips: Why You Should Consider Seller Financing

If you’re buying a home in the near future, you’re probably trying to figure out how to finance it. You could take out a loan with a bank of course, but that tends to be expensive and not very flexible. You could try to pay in cash, but that only works if you have the money, which isn’t very likely. There is an alternative that you may not have thought of. It’s actually possible to finance your new property directly through the person selling it. Here are some benefits of seller financing for your next property.

Flexibility

This is by far the biggest benefit of seller financing for the buyer. Banks are very rigid in their expectations, but when you finance through the seller, the opposite is true. For example, maybe you don’t have enough for a down payment. You may be able to convince the seller to accept something of value, such as a car, instead. If you’re in a strong negotiating position, you may even be able to avoid the down payment all together. Perhaps in the middle of the loan, you find that you can’t afford a payment. A bank would send you angry letters, charge you fees, and eventually foreclose. A seller, however, could simply allow you to skip a payment, perhaps in exchange for a little extra the next month.

Negotiation

Seller financing can also help negotiation because it adds several new elements. More things that can be negotiated means more chances for both sides to be happy.

Interested in learning more about how seller financing might be the right choice for you? Contact us. We can help you with that, or anything else that you need.

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Michelle Manter Giglietti

Owner~Realtor at Manter Realty Group of Keller Williams
Top Producing Realtor and recognized blogger. In her free time you can hear her screaming fore at the local golf course,or catch her at home enjoying fresh cooking and a glass of wine with her husband and favorite 6 pound Morkie named Pedro.
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