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Financing Your Home >Owner Financing
If you are selling a house in which you have a lot of equity, and you don't need that equity to buy a new home, an owner-financing agreement may benefit you and your buyers.
Seller financing arrangements usually involve the buyers securing the largest portion of their purchase money from a mortgage company and getting a smaller second loan from the sellers. For example, they may finance 75% from a lender, put in 15% from savings, and ask the sellers to finance the remaining amount. The terms and interest rates on seller carry-backs are negotiated on a case-by-case basis.
Sellers may be able to negotiate a note that provides a better return on their money than 1-to-5 year CD's or treasury notes. They should ensure that the note protects them to the fullest. Use common sense when considering such a loan, and verify the buyers' income, credit history, and job stability before making your final decision.
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What famous person said this? "Real Estate is the best investment in the world because it is the only thing they're not making anymore!"
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Will Rogers, who began his career as a rope-throwing cowboy and later became a famous stage and film star. |
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Scott Team Real Estate
RE/MAX Pembroke Realty Ltd.
182 Pembroke Street East
Pembroke, ON Canada K8A 3J7
Phone #: 613-732-3601
613-735-8188
866-735-8188
Fax #: 613-732-0999
Drew Scott: Drew@ScottTeamRealEstate.com
James Scott: James@ScottTeamRealEstate.com
The Scott Team has experience in all aspects of Real Estate. Our unique approach guarantees your needs are handled professionally and timely. The Drew Scott Team specializes in serving Petawawa, Pembroke and Renfrew County. Always putting you first!   
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