LEGAL TALK by Phyllis Oeser

 

 

Should I bankroll the sale of my property?

As everyone knows, we continue to hear about our current tough economic times and about how the value and sale of real estate continues to plummet. Sellers wonder when and if they can sell their real property. Buyers wonder if they can qualify for a loan to purchase their dream home.

The Seller’s primary concern is usually how to get the highest price for their property and how long it will take to sell. Buyer’s main concern is usually how much they will have to pay for the property and whether they can qualify for a loan.

Many people are not familiar with the ins and outs of buying and selling real estate unless they do so for investment purposes. Additionally there is a lot of misinformation about the buying and selling of real property particularly on late night television. Most Sellers never think of offering to owner finance the property and most Buyers never think to ask or seek out owner financing.

Therefore we will begin a series of articles to educate you regarding the process of owner financing a property. Sellers may be able to sell their property more quickly if they are willing to owner finance. Additionally, this series of articles should help Buyers to understand the process and to encourage them to determine whether there are any available properties offering owner financing. If a match is made the concern regarding the approval of the financing is resolved.

As with most things in life, this can be a positive experience or it can be disastrous or anywhere in between. The goal of this series of articles is to educate you regarding the process and not to advise you as to whether it is an appropriate action for you to take.

Additionally, as always I advise you to consult your legal counsel prior to entering into any legal binding contracts because every situation is different and unfortunately the outcome of each situation is usually dependent upon the minute fact details.

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