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How To Find Owner Financed Homes For SaleIn many places all over the United States there are a lot of homes and properties that are just sitting on the market. The main reason for this is because many people cannot get any financing to be able to buy these properties. This could be because of a few different reasons which could be anything from poor credit to any past history that is preventing it. With this being a problem, many real estate companies as well as private sellers have started trying new and different ways to get people financed.
One of these ways that these real estate companies and private sellers are getting people financed is through a facility called owner financing. This type of financing is good for people who need to find a home but cannot get the financing on their own yet. The way this type of financing is done is the seller will keep the deed and will keep the same loan they have through whatever bank or lender they have already. The buyer will put down a down payment on the house or property then will have to make monthly payments after that. The down payment on this type of financing is normally about 10 percent of the price of the property and this number can change based on agreements with the seller. The seller will also get a form of a deed showing that they have ownership of the property even though they do not have a loan in their name for it.
One common misconception is that this type of financing is the same as rent to own agreements but this is not true. There are a few differences between the two and one of them is that with an owner finance it is like you own the property not that you are a tenant. Another difference between the two is that when you pay a monthly payment to a rent to own property only a tiny fraction of that payment goes to the principle price of the property or home. This is different with owner finance because every monthly payment has a bigger chunk of the payment go to the price of the home or property. This is because the owner finance is basically like having a loan without having to get approved by a bank or lender. One thing with owner finance is that it is not forever, in most cases you have 2-3 years to get financing in your own name.
There are a lot of owner financed homes for sale out there on the market. Finding owner financing Austin Texas or other places can be easy if you use real estate companies who have it. Owner financing Austin Texas and other places can be a great idea for many people who are having a hard time trying to finance a new home. So next time you are looking for a home, you should look and see what if there are owner financed homes for sale out there.
By: Vikram Kumar
Equal Housing Opportunity. Equal Opportunity Employeer.