Home Buyers Seeking Owner Financing

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    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.

    Owner Financing: Benefits for Spartanburg Home Sellers


    Higher Sales Price – When a seller offers owner financing, the seller may be in a position to command full asking price or more.

    Avoid Appraisal Concerns – In today’s market it is not uncommon for homes to appraise for less than what the sellers owe on them. Sellers who offer owner financing do not face the need for the home to appraise for the full sales price as it does with traditional financing.

    Tax Breaks – The seller might pay less in taxes on an installment sale, reporting only the income received in each calendar year or potentially putting off any taxes until the home is paid in full.

    Monthly Income – Payments from a buyer may increase the seller’s monthly cash flow, which gives the seller more spendable income each month.

    Higher Return – Owner financing rates of interest are typically higher than what a seller may earn in a money market account or other low-risk type of investment.

    Shorter Listing Term – Owner financing will often attract a different set of buyers willing to overlook issues that traditional buyers may be concerned by. If a property is not selling under conventional methods, offering owner financing may help a home stand out from the crowd in any market. Owner financing is the one of the best ways to move less appealing properties that might otherwise go unsold.


    Is Owner Financing Right for You? Call 864-909-6991