Erase the middle, owner finance and offer a mortgage yourself …
Posted on May 8, 2006
Filed Under Home Mortgage, Mortgage Companies, Mortgage Updates
Of course, this only works if you own the home fully yourself (well, only works to the best benefit) … but why pay a commission to a mortgage agency or bank? Offer the mortgage to the buyer yourself. Grab your lawyer, set up an amortization statement and statement of purchase, and take the down payment, and set up the monthly payments. I did it with my land and home, and they paid it off just under a year ago. Working with them, often they would increase their payments and it was really nice doing the old fashioned traditional way. You maximize your profit and its pretty simple to do. Of course there is risk that you’ll lose out if they stop paying and that’s where some agencies can help … but if you set up your contract properly, enforced through your lawyer, if they miss payments, then they default, and you get your home back to sell to someone else, though that would be pretty foul to do. But its a safety valve.
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