A new marketing strategy in a struggling market SC!

Having the option for owner financing on MLS could be a great way to seperate your listing. In today's lending market it is becoming very difficult for buyers to obtain financing. If you have the flexibility to owner finance there are plenty of great buyers out there that could use this type of offer. Some of the advantages of owner financing would be charging a 7% or higher interest rate. Having a steady cash flow of money monthly. Helping reach the 2 year mark for capital gains. Some of the disadvantages would be having to go through the foreclosure process if the buyer defaults. Taking monthly payments and making sure their insurance stays in place. Not having the cash to buy another property. Some ways to overcome these issues are have the buyer make at least a 10% down payment. That way the buyer has money vested from the start. Hire a property manager or use an on-line payment system to collect monthly rent. Lastly, hire an attorney to help with the terms of the owner finance.

Another option is to owner finance a 2nd mortgage. If the buyers can afford 80% of the financing and have 10% to put down hold a 2nd mortgage of 10% to help get your property sold.

For sellers and agents this could be a huge asset in selling your home quickly. There are decent buyers out there who just can't get the financing with todays lending authority. Give it a try and let me know how it works out!

Amy Gardner

803-422-8306