There are only about a million and one different reasons that it makes a ton of sense to relocate to Austin, TX – the weather, the sights, the atmosphere, the culture all make for very enticing reasons. But maybe even more important than those is the possibility of being able to buy the kind of dream home you’ve always wanted at an incredibly friendly price and sometimes without ever having to deal with a bank or lender.
While there is absolutely some responsibility that needs to be taken on for our collective part in the financial crisis we are currently in, it’s no stretch to say that predatory banks were a big reason we are in the sticky mess we are dealing with. While the incredible crippled economy that they played a major role in creating continues to limp along, those same free spending banks are now shutting off the valve to people looking to buy homes. Stuck without access to the funds needed to purchase property, the real estate market has been in a similar tailspin – making it a complete and total nightmare.
Understanding that there has to be a more modern and savvy way to help people buy homes as well as get access to the money that they need, there has been a big push for Austin owner finance programs. Basically the owner of the property acting as a bank and accepting payments in return for the home, you’re often able to cut out the middle man completely.
Make sure you understand what you’re getting into with owner financed properties. There are a couple of wrinkles that come from moving to Austin, TX with an owner financed kind of deal in place – you are both entering an agreement that can go south in a hurry. On the one hand you are making a deal to buy a home directly from the owner, with no idea what your financial situation will be in 10, 15, 30 years. This means that you stand a chance of losing all of the money you’ve spent to buy the home if there are any hiccups in your cash flow. You’d be out with nothing. However, there are many benefits that come with purchasing an owner financed home which you can see in our video: Benefits of Buying Homes With Owner Financing.
On the flip side, if you are considering putting up homes for sale in Austin with owner financing, understand that you’re not going to be getting the kind of lump sum payment that you would if you had found buyers with a bank. On top of that you’ll also have to deal with collecting late payment fees, not to mention that there will be a long and drawn out foreclosure process should your buyer stop paying. There are also many benefits that come with selling your house with owner financing which you can see in our video: Benefits of Buying Homes With Owner Financing.
Make sure you go into this operation with both eyes open and the help of the owner finance experts at Forté Properties. It’s not a bad decision to go with an Austin owner finance plan, but you need to be smart about it.