Many have already resorted to seller financing than applying for a bank loan just to buy a house. Indeed, seller financing offers a lot of benefits to sellers and buyers. Here are some of the benefits of seller financing:
Seller financing is easier to get through compared to bank loan applications.
Mostly, buyers are approved more in seller financing. Compared to bank loans, a lot of people get disapproved after the bank assesses that they don't have enough funds or they lack some requirements necessary for the loan approval.
No more bank approvals and funding.
Moving in the property can be done without waiting too long as it only takes a few days before the buyer and his family can move in.
The homes have more flexible rates and so it's easier for them to reach their dream house or their goals.
Both buyers and sellers can really save a larger amount in the closing costs.
The interest rate, repayment schedule and other loan conditions can still be negotiated.
Household appliances, vehicles and others items within the property can be included as special conditions in the loan terms as long as you negotiate with the seller.
There's no need for loan underwriters.
When it comes to conventional methods, a property may be sold at approximately 70% of its potential market. You want to buy a house worth $800,000. To get this, you went to the bank and applied for a loan but the bank only provided with $600,000. So, you still need $200,000 more to purchase the house you want.
$200,000 is already a very big amount. There are thousands of people out there who don't have such a big amount. When you are one of these people, then seller financing can help you!
With seller financing, sellers can either have the whole purchase price financed or just a little proportion of it. This way, you get more and more buyers because of the ease that seller financing offers to buyers. At the same time, the property is sold at the seller's desired price. Thus, the seller has a lot of opportunities with this method of property selling. The interest rates are higher and its way better than what the banks could offer.
In sum, seller financing really helps a lot!
Author Resource:
Did you know you can buy property without a bank? See PROOF RickOtton.com
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