Getting approved for a home mortgage is tough in today’s economy.
In order to buy or sell a house, both parties must become more creative.
Perhaps the most creative way to buy and sell a house in today’s housing marketing is by using owner financing.
What is Owner Financing?
Owner financing is when the seller agrees to sell the property in exchange for a note where the buyer promises to pay back according to the agreed upon terms and pledges the property as collateral for the loan.
Since only two parties are involved, the terms are generally more flexible and the closings much quicker than with a conventional loan.
The infographic will detail the pros and cons of owner financing for both the buyer and the seller.