Stop wasting your hard earned money by paying rent on a home that you will never own. This is the most financially irresponsible thing that you can do. There are methods available for acquiring a new home that don’t require a person to be approved for a bank loan. The problem is that most people believe that these means are beyond their level of income. However, if you can afford to pay rent on a month to month basis, then you may be able to realistically find a home in Austin that you can purchase through Owner Financing.
The exceedingly good news is that there are hundreds of Owner Financed homes in Austin for you take advantage of. An owner financed home in Austin can easily be acquired with the help of a real estate agent or from an individual home owner. Most major real estate agents list Owner Financed homes in Austin alongside their properties available with “traditional” financing only. However, if you are certain that you will be turned down for a bank loan then you can explain your situation to Forte Properties and inform them that you are only looking to view Owner Finance homes in Austin. (Give Forte Properties a call at (512)981-6865 7 days a week. Or, Send us an Email!)
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Many home owners have chosen to sell their home on their own using Owner Financing to produce more of a profit. (See why you SHOULDN’T list your Austin home For Sale By Owner.) Others have chosen to use this method because they have not had any luck selling it any other way. Many home owners are just as unhappy with the current way in which banks are not willing to work with potential home owners in obtaining loans. Therefore, they have chosen to make use of Owner Financing in order to eliminate the need for banks altogether. This is good news for a person who may not have the best credit but who is able to pay rent like fees on a monthly basis.
Owner financing is a very simple process. A home owner lists their property with a asking price. When a potential buyer presents themselves they ask for a percentage of the selling price upfront. This is a down payment. These down payments will of course vary from one seller to another. (See typical qualifications Buyers must meet to purchase Austin Owner Finance listings.) The remaining balance on the property will then be split up into monthly payments for a specific period of time. This time frame can be anywhere from three years to thirty years. You will simply need to make the down payment and keep up on your monthly payments which will include taxes, insurance and HOA dues if applicable. Therefore, you are slowly working to pay off your home rather than throwing your money away renting a home.
The downside is that if you become delinquent on payments, you are facing foreclosure in Austin and any money invested in to the property can be lost. (Austin foreclosure assistance.) If you do this you will be in breach of contract and the home owner can choose to take the property from you. Therefore, you must be certain that you will be able to meet the monthly payments if you are considering making use of Owner Financed homes as a means to acquire a new home.
Owner financed homes are just one of the many options available to potential home owners who are looking for a simplistic method to obtain a new home and can not obtain bank financing.