Even though seller financing of real estate transactions has been going on for hundreds and hundreds of years, these days we tend to think that the only way to buy or sell a home is to involve a bank.

But now it may be time to start thinking outside of that box.

Right now, banks are less likely to approve a home loan for obvious reasons. More and more people are open to creative financing such as seller financed deals than ever in recent history. Most home sellers would prefer a lump sum when selling their home, but the ultimate goal is to sell, and times like these require creative thinking and flexibility.

If taking back paper is the only way to differentiate your home from the dozens of others on the market, it is worth considering.  And because there is a market for these real estate secured promissory notes, it becomes an even more attractive option to many sellers.

Millions of buyers who can technically afford to buy a house, are being refused financing from traditional lenders, aka the banks. What is becoming more clear to sellers is that they are usually able to get a higher asking price for their homes by offering to “carry back paper. ” Even in spite of  a slow housing market and rigid bank requirements that so many otherwise able home buyers, cannot meet.

Creative sellers are seeing their property sell faster, which is good for everyone involved. They are more willing now than ever to learn the simple steps to promissory note creation, and reaping the benefits as a result of this creative means of financing real estate sales.

3 Advantages to Seller Financing

#1 Seller Financing Enlarges the Potential Buyer Pool

Why? Because when you add “OWC” (Owner Will Carry) to your listing, it will attract more buyers over all of the other similar listings that have no financing alternatives available. You are opening the doors to many more prospective buyers, and the possibility of a faster sale with a substantial downpayment. Just by offering to carry back paper!

#2 Sell at a Higher Price

Because carrying back a note increases the pool of buyers, there will be competition for your property. While others are cutting their price in hopes of a sale, you can hold firm and and sell your home for more money.

#3 You Make the Terms

Since there is no bank involved you are the one structuring the deal and you collect the interest. This can add up to thousands of dollars of additional income over the years.

These are three great reasons to consider seller financing when it’s time to put your real estate on the market. A forth is that if you properly structure your promissory note, and sell your property to the “right” buyer, your note becomes a valuable commodity that you can sell for a lump sum of cash, if the desire or need should arise.

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