Seller's Advantage: Owner Financing Terms That Put the Seller In Control

When you sell a property with owner financing, one of the biggest advantages for you, as the seller, is that you can dictate and control a lot of the terms and conditions of the loan you set up.

This is a huge benefit, but only if you know how to wield this kind of power and what options you have on the table.

Let's step back and acknowledge something.

When you give your buyers the option to purchase your property with seller financing, you're doing them a huge favor. This allows them to sidestep a lot of the time-wasting (and sometimes deal-killing) red tape that banks force their borrowers to go through.

Sometimes, seller financing is a borrower's only option because their bank doesn't like the property or the borrower's risk profile.

Other times, buyers will take you up on seller financing even if they have other options simply because they don't want to deal with banks.

Don't get me wrong, working with a bank has advantages too.

Banks typically charge a lower interest rate and almost always allow for a longer amortization on their loans with no balloon payments. Banks have no problem letting their borrowers pay off loans over 15 to 30 years, but most sellers (including you) won't wait this long to get their money back.

If you decide to offer this convenience to your borrowers, you'll want to know how to stack the cards in your favor so that you're compensated for the inconvenience of waiting longer to get your money. It's not just about getting a large enough down payment and high enough interest rate (although that is a huge part); it's also about having control.

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