Owner Finance
i am almost complete with a rehab that will have a fmv of 110k. can i borrow that amount from the bank and advertise the house as owner finance with no down and let the buyer take over the note? if not what is the best way to get my money back out of the house since i paid cash for it and paid for the rehab in cash?
If the loan is from a traditional lender I would be weary as the purchaser may default and your credit is at risk.
YOu can sell your house with owner financing and 5% cash down, and then sell that note at closing for a FASTER SALE, more controlled exit strategy, and minimal discount on the note sale at closing, provided you structure the note properly.
this is a great way to avoid title seasoning issues and cash out of your property faster, by drawing more buyers out of the market and making offers on your home.
HOpe this helps, Dave
Way to go Dave.
Quote:
On 2005-02-18 19:04, davehays wrote:
YOu can sell your house with owner financing and 5% cash down, and then sell that note at closing for a FASTER SALE, more controlled exit strategy, and minimal discount on the note sale at closing, provided you structure the note properly.
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<BR>this is a great way to avoid title seasoning issues and cash out of your property faster, by drawing more buyers out of the market and making offers on your home.
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<BR>HOpe this helps, Dave
Dave, would you explain a little further? This is an interesting idea. Just not sure how to sell a note.
Thanks,
Don
Bump