Why Opt for Owner Financing Homes Albuquerque?
Instead of borrowing money from a commercial lending office and obtaining a mortgage, a buyer can choose to purchase an owner financed home. During this process, the current property owner lends either a portion or all the funds required for purchasing the house. This is becoming a popular alternative to normal real estate transactions, especially in times when the area is considered to be in a buyer’s market.
Types of Owner Financing
There are many types of owner financed homes. The three most common are land contracts, lease-purchase agreements, and mortgages. Land contracts provide the buyer with an equitable title until the buyer has paid the owner for the full amount of the property. At that time, the new owner would then receive the deed.
The seller and buyer could also choose to commit to a certain type of mortgage known as an all-inclusive mortgage or all-inclusive trust deed. In these instances, the seller carries the mortgage and receives an interest override on the underlying loan that accompanies the mortgage. In cases of a junior mortgage, the seller carries the first new mortgage and the buyer takes out a second mortgage to give to the seller as payment.
A third option is a lease-purchase agreement which essentially leases the property to the buyer. The buyer gets an equitable title and will receive the full title after paying the seller the full purchase price for the property.
Pros of Owner Financed Homes
Sunwest Escrow is ready to help you secure the owner financed homes Albuquerque has to offer. Opting for an owner financed home will provide you with many benefits including a faster close and better financing options. Speak with one of our knowledgeable escrow agents today to learn more about this advantageous buying option.
Original Source: - http://sunwestescrow.blogspot.com/2018/09/why-opt-for-owner-financing-homes.html
The typical real estate transactions used to involve a homeowner hiring a real estate professional to sell their home. Today, we find ourselves in an evolving market that no longer needs this representation. Instead, those selling their homes are electing to complete these transactions without a realtor.
3 Advantages of Sale By Owner
The For Sale By Owner process is a commission-free means of completing a real estate transaction. There are many advantages to the FSBO process that have made it an appealing option for sellers that wish to complete the transaction without paying for services they could execute alone.
1. The seller saves money.
When you employ the services of a real estate agent, you’re required to pay them a percentage of the sale as a commission. This fee could be upwards of tens of thousands of dollars. For instance, if your agent charges a 6 percent sales commission on a $500,00 sale, you’ll end up paying them $30,000. A For Sale By Owner sale eliminates this needless fee and puts more money in your pocket.
2. The pertinent information is now readily available.
Previously, sellers did not have access to the information that real estate agents did. Today, however, a wealth of information available online and through other sources enables homeowners to educate themselves.
3. An escrow agent can provide guidance.
Escrow agencies that handle real estate transactions have a detailed knowledge of real estate contracts and the selling process. The escrow company can provide information, advice and other services that a realtor would normally offer.
For Sale By Owner Albuquerque
You don’t need a real estate agent to sell your home. Sunwest Escrow can provide you with the For Sale By Owner Albuquerque services you need to confidently complete your real estate transaction. With decades of experience, we’ll use our detailed knowledge of the real estate process to act as your trusted escrow agent. We’re here to help you navigate real estate contracts and ensure that your transaction is carried out successfully. Don’t feel pressured to list your home through a real estate agent. Let Sunwest Escrow get you the most profit from your For Sale By Owner listing.
Sunwest Escrow, Inc. is a customer-oriented servicer of private mortgages, real estate contracts, and other installment type notes. Sunwest Escrow, Inc. was formed by the owners of Sunwest Escrow, LC in order to provide a wider range of financial products.