Kathy Kennebrook Discusses Using Owner Financing
To Sell Properties Quickly
By Kathy Kennebrook
Using a workforequity plan to sell houses or owner financing to sell properties is a good plan for getting homes sold quickly in any market , especially if they need rehab . So let ’ s first talk about owner financing properties .
I believe that owner financing is another good way for you to sell your properties quickly and for long term profits . Many sellers do not offer owner financing , so this is another good way for you to drive potential buyers to your properties , even in a down market . I suggest simply advertising that you are offering financing assistance for your buyer . Many times you will have a buyer who has a significant down payment ; they just can ’ t qualify for a loan for whatever reason at that moment .
Usually , if I owner finance a property , I at least want my buyer to have halfway decent credit or at least workable credit that can be cleaned up over a period of time . I have a wonderful broker in place that helps my buyers clean up their credit issues .
You can sell your properties using owner financing one of two
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" I believe that owner financing is another good way for you to sell your properties quickly and for long term profits . Many sellers do not offer owner financing so this is another good way for you to drive potential buyers to your properties even in a down market ." ways . If you sell a property that has an underlying mortgage , you could do a wraparound mortgage with your buyer .
A wrap around mortgage is simply a mortgage that wraps around the underlying note . I would absolutely suggest using an attorney to put these deals together for you so it is done correctly and in a way that allows you to foreclose out the note if your buyer stops paying .
So how does a wraparound mortgage work ? What this means is that your buyer pays you a mortgage payment each month on your property , and you pay your underlying mortgage . The difference between these two payments is yours to keep as monthly cash flow as long as taxes and insurance are handled .
If you have used an attorney to do the wraparound mortgage for you , your buyer is going to be responsible for the taxes and insurance on the property and will provide you with proof that these have been paid .
For more information on owner financing properties and wrap around mortgages , visit Kathy Kennebrook ’ s website at Marketingmagiclady . com for even more information on buying and selling properties quickly in any market .
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