How to sell your House with out a Bank

With the real estate market slow, the mortgage market crunch and buyers constantly leaving the market, what do you do? Offering to owner finance you home might be the best route.

Instructions

Difficulty: Challenging

Things You’ll Need:

• a lawyer
• an accountant

1. Owner financing your home to a new buyer can be the quickest way to get it sold. The first step is to talk to a lawyer in your area and have him review your current mortgage and discuss the best way to do this in your state.
2. You will also want to talk to your accountant and see if there would be any tax advantages on consequences to owner financing your home.
3. Once you decide what the best way to structure the sale would be, now you need to decide what terms you would be happy with. By "terms" I mean interest rate and length of the mortgage. Most owners who finance homes will finance the loan payments over a 30 year term but have a balloon in 1 - 2 years. This way you are not financing the home for the full 30 years. This reduces your risk for loan default.
4. Now you just need to find a buyer. Make sure you don't forget a for sale sign in the front yard. Newspaper ads can draw buyers. If your home is off of a main road you may want to put out directional signs. Make sure you put "Owner Financing" on all of your advertising.
5. The only thing left to do is show your home to interested buyers and sell it. Make sure you qualify your buyers, take a down payment and let your lawyer take care of the closing proceedings.

Tips & Warnings

• Qualify your buyer
• Make sure you have a Lawyer
• make sure you have a good lawyer and you let them walk you through the paperwork process