Isn’t the possibility of buying a home better than renting one? If you agree, then you can opt to search for and purchase owner financed homes.
Owning a house is a dream for many individuals across the country. However, it might not be possible for everyone as property prices have reached never before highs and lending guidelines continue to be strict. In Texas there has been a growing phenomenon of seller financing which involves taking a loan from the seller of the property. This scheme is not as rigid as bank loans and can be negotiated before an agreement is signed upon by the seller and the buyer. Owner financed homes are fulfilling dreams for many people moving into Austin, Texas.
Owner Financed Homes: The Role of Realtors
To track down an owner financed home in Texas, you can get in touch with a Realtor in the region of your choice. Most real estate agents have a list of houses and properties for sale and if you cannot qualify for a bank loan, they also offer assistance in finding an owner financed property for you. If you are looking for owner financed homes in Austin, contact Forte Properties.
Realtors will offer such financed properties without the assistance of any bank. Instances when you cannot even manage the down payment, real estate agents and brokers offer assistance in that too. All you need to do is shortlist a Realtor who offers premium services and let him know your criteria and restrictions and they start processing the homes and properties which fulfill the criteria.
If you are still wondering where to start if you’re looking at purchasing a house in Texas, the answer lies in finding a good Realtor in your desired region. From there, half the battle is won.
Owner Financed Homes: Advantages for Sellers
When a seller opts to finance the buyer, the first thing is that he wants to close the deal as fast as possible. Another advantage is that the seller can almost dictate the terms of the contract. However, before a seller offers such financing for his property, they need to fulfill certain obligations such as ensuring his underlying mortgage will work with the Buyer’s offer and that payments are current. This can be done by the homeowner themselves or they can seek out the assistance of a Realtor or Owner Financing consultant. Remember, this process does not come free. Just as in a standard Austin home sale, there are commissions, closing costs and other fees that must be paid.
Owner Financed Homes: Advantages for Buyers
Though it is the owner who calls the shots in this deal, this is highly beneficial for property buyers too. Apart from saving on closing costs and quick closing, purchasing homes with Owner Financing allows you to buy a property without even approaching a bank. Even if you are self employed, on fixed income or just went through a recent bankruptcy, you can deal, negotiate and fulfill your dream of owning a house in Texas. (See more Owner Financing benefits.)