Home Buyers Seeking Owner Financing
Interested in getting help finding an available home? Fill out the buyer information form and we will be in contact with you to review the next steps of your home search.
Is Owner Financing a Spartanburg Home Right for Me?
There are many reasons why buyers take advantage of owner financing. Find out if you qualify for any of our current Spartanburg area homes for sale with owner financing by clicking here!
Owner Financing: Benefits for Home Buyers
Little or No Qualifying – Banks have severely tightened the requirements to get a loan. As a result many potential buyers simply can not get the money to buy a home. A seller’s review of your credit history may be much less stringent and forgiving than that of a conventional lender.
Tailored Financing – Unlike conventional loans, sellers and buyers can create custom payment options based on common needs. Interest rates can adjust periodically or remain at one rate for the term of the loan.
Down Payment Flexibility – Down payments are negotiable but plan on needing at least $10,000 for your home at a minimum. Again, at the beginning level this amount could include 1st month’s payment, 1st years Home Owners Insurance, Attorney closing costs of at least $350, Agent administration fee of $299, and the MINIMUM Amount needed comes to at least ~$10,000 but probably more. Most sellers will require a larger down payment to allow them to remain confident that the buyer will fulfill the terms of the purchase agreement. This amount will vary based on the value of the home for sale, the buyer’s perceived credit worthiness, and the seller’s motivation to sell the home. If you can qualify for traditional bank financing within a year many seller’s may be more flexible.
Lower Closing Costs – The cost of getting the financing from the seller is much lower than the costs associated with a traditional bank loan. Often there are not many hidden fees such as: origination fees, processing fees, Fax fees, administration fees, or any of the other assorted miscellaneous fees that lenders routinely charge, which automatically saves money on buyer closing costs.
Faster Possession – Because buyers and sellers aren’t waiting on a lender to process the financing, buyers can often close faster and take possession of the home earlier than a conventional loan transaction.
Find Your Next Home
You need someone who knows the area and owner financing real estate inside and out! Rob will work with you to find the right home at the right price for you, including all the neighborhood amenities and essential criteria you have identified for your new home.