Return to the Buying and Selling Homes Forum | Post a Follow-Up

 o
owner financing (again)

Posted by behaviorkelton (My Page) on
Mon, Feb 15, 10 at 11:42

I've put my house up for sale recently on Craigslist.

In one day, I have two people asking if I'd do owner financing.

I own the house outright and would rather just sell a house in the usual way. I'm in no rush.

However, given that anyone wanting owner financing will be suspect financially.... what's the way to roll with this?

The primary concern is to avoid taking a loss if they fail to pay.

I'm assuming that a large down payment is the most essential way to protect oneself.

Any links to good owner financing tips?

Unless owner-financing is profitable in some way, I'd rather not.

BK


Follow-Up Postings:

 o
RE: owner financing (again)

I'm sure it works for some (maybe even most) people, but I wouldn't do it. Sure, you might get a big down payment but what if they start a big renovation & walk away with it unfinished or default & trash it before they leave? You could argue that you made money on it & you got it back to sell again - but the hassle factor of the potential down sides make me uninterested in doing it. Hey, why would I take a risk that a bank wouldn't?

We put a property on craigslist once & got nothing but requests for owner financing & the occasional "infomercial buy real estate with no money down" person offering more than we were asking but with lots of weird strings attached....


 o
RE: owner financing (again)

Generally the people who need owner financing are the one's who can't get conventonal loans..... they vary from a little risky to super risky.

Do you really want that problem?


 o
RE: owner financing (again)

Personally I would NOT do owner financing. Like somesaid, these are usually those with questionable credit. It would be almost like renting--if they stop paying--they could literally ruin the house before they just moved out. Don't be a "nice" person like I was and end up practially rebuilding the house before I did sell. NOT FUN!!!
I would talk to several agents/brokers, list for 3 months only, and set your terms. It might cost you a bit more, but at least you do not have to worry if the people really can afford it. That is your agent's job.
There is alot of good help here finding just the agent for you. Not a friend/relative, but a good professional person.


 o
RE: owner financing (again)

"I've put my house up for sale recently on Craigslist."

What type of buyers did you expect?

I have renovated houses and sold them and held paper.

With a well motivated buyer it can be profitable.

With the type of buyer you are liable to find on Craigslist I would be very leery.


 o Post a Follow-Up

Please Note: Only registered members are able to post messages to this forum.

    If you are a member, please log in.

    If you aren't yet a member, join now!


Return to the Buying and Selling Homes Forum

Information about Posting

  • You must be logged in to post a message. Once you are logged in, a posting window will appear at the bottom of the messages. If you are not a member, please register for an account.
  • Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review your post, make changes and upload photos.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • Before posting copyrighted material, please read about Copyright and Fair Use.
  • We have a strict no-advertising policy!
  • If you would like to practice posting or uploading photos, please visit our Test forum.
  • If you need assistance, please Contact Us and we will be happy to help.


Learn more about in-text links on this page here