Why would you consider owner financing?
1976 through 1987 it was a good option. 2023 it is still a good option. BUT, you'll need note restrictions and possibily deed restrictions, because there are different types of deeds.
- It's a great way to sell in a Nobody's market. It's not a seller's market nor is it a buyer's market. It's a Nobody's market. But, it can be a somebody's market with owner financing.
- You have a postitive cash flow, but there are pro's and con's with it in a Nobody's market. High returns on your equity.
- You can close fast pending title co.
- You can sell the property at a higher price.
- Traditional buyers and mortgage brokers with current rate and killing deals.
- The buyer is responsibile for the property bills and repairs. BUT, you need to be sure bills are current.
- No underwriting, no bank approval, no credit approval. BUT, I advise to be cautious and consider Debt to Income Ratios and sound credit scores.
