If you’re a homeowner in Springfield, Ohio looking to sell your house, you may want to explore the option of owner financing through Overlook Real Estate. Selling your home through a real estate agent can be a lengthy process and may limit your pool of potential buyers. However, with owner financing, you can broaden the scope of potential buyers who can purchase your property.
Typically, buyers who go through an agent are regular buyers who are trying to get a mortgage to buy a house that they will live in. Real estate agents typically work with these kind of “pre-qualified” buyers who can get a mortgage through a bank. However, if you sell your house with owner financing, you become the bank, and the buyer skips the bank and buys directly from you. This opens up the number of buyers because now you’ll be able to find buyers who might not normally be able to get bank financing.
Benefits of selling with owner financing
When you sell your house with owner financing, you can benefit from regular cash flow. This means that you will receive monthly payments from the buyer, just like you would from a bank if the buyer had taken out a mortgage. These payments can be a reliable source of income, allowing you to use the funds to pay off any outstanding debt, invest in other assets, or simply enjoy a more comfortable lifestyle.
Another advantage of owner financing is that you’re protected even if the buyer stops paying. Since you will still own the house, you have the option to repossess the property and sell it again to another buyer. This can help you avoid costly and time-consuming legal proceedings, as well as the hassle of finding new tenants if you were renting the property instead.
Moreover, selling your property (whether it is your primary residence, a rental of your own, commercial real estate or some other type of real estate) with owner financing is different from owning a rental property. As the property owner, you won’t have to worry about managing the property, finding tenants, or handling tenant complaints. All of these responsibilities will be the responsibility of the buyer, who will treat the property as their own.
If you want to sell your house with owner financing in Springfield, Ohio, start by deciding how much you’d like to get each month for your house. There are many different ways to sell your house, but selling with owner financing might be right for you if you want more exposure to buyers, plus some cash flow, and plenty of protection. Contact Overlook Real Estate today to learn more about how we can help you sell your house with owner financing in Springfield, Ohio.