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Owners who finance homes should research
The current real estate financing market has given rise to a practice we have not witnessed in more than two decades.
When interest rates were 15 percent, many homes were sold with owner financing. Today we are seeing a resurgence of that practice due to the inability of homebuyers to secure mortgages through banks or federal financing vehicles such as HUD and FHA programs or offered by Fannie Mae or Freddie Mac.
A seller who decides to offer owner financing needs to take the following precautions:
• Remember you are acting as the bank — run a credit check, get personal references, verify employment before you agree to offer owner financing. Build in late fees for any late payments. It is important to keep a buyer/seller relationship and not allow personal feelings to get in the way of sound business decisions.
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Bill Roark is a Commercial Associate Broker at Keller Williams Realty and may be contacted at bill_roark1@yahoo.com. |
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