If you’re thinking about buying a house and you’re exploring your financing options right now, there’s a good chance you’re deciding whether you should go through bank financing or owner financing. There’s already a lot written about bank financing, so this blog post is meant to give you the other side of the coin, to talk about why owner financing makes sense in Dallas Fort Worth and the surrounding cities…
Be sure to scroll down below and watch the short video I created for you.
There are many ways to sell your house. You could list it on the market with an agent and see what sellers are willing to pay. You may also work with a real estate buying company (like what we do here at TMC Property Solutions) and get a fair “all-cash offer”, or you can consider owner financing and “be the bank” to sell your house to a buyer and collect payments over time. Owner financing, for buyers, it’s a powerful way to acquire property without having to go to a bank, and perhaps even to get more favorable terms than you’d get at a bank.
You’re probably familiar with bank financing – that’s when a bank or other lender gives you a mortgage loan so you can buy a house. The bank pays the seller the full amount that you buy the house for, and then you pay the bank back over a period of several years until you own the house free and clear.
But it’s not the only way to buy a house, there’s also seller financing (also called “owner financing”). That’s when the sellers agree to not to take the full purchase price for the house right away but instead takes the money over a period of years. In effect, they are acting like a bank, accepting monthly payment over a period of time until you’ve paid off what you owe.
So you might be wondering, “Why owner financing makes sense in Dallas Fort Worth?”
Here’s our answer…
There are 3 main reasons why owner financing makes sense in Dallas Fort Worth:
3 Reasons Why Owner Financing Makes Sense In Dallas Fort Worth
First, it can allow buyers to get into a home faster. Buying a house can be expensive, and might be out-of-reach for most people. Owner financing can sometimes be useful if a buyer does not have the credit score available to get a mortgage loan, or if they cannot afford mortgage payments that a bank might require. With seller financing, the owner may not require clean credit or high payments, allowing buyers to get into a home faster when they may not be able to do so with bank financing.
Did you know that we do owner financing? Click here and fill out our short form to learn more and to see our list of available properties.
Second, it provides flexibility to both the buyer and the seller. The terms of the deal are one of the most important yet most overlooked parts of the deal. A bank uses fairly traditional terms: You’ll pay so much money as a down payment, then the rest paid back over time – either as a fixed rate or variable rate mortgage. But a seller and a buyer may find different terms that they agree to that aren’t as rigid. Think about the timeline you want to be paid in. In fact, some agreements can become very creative and flexible for both parties!
Third, it can be a win the seller, too. A seller wants to sell their home, so offering owner financing gives them access to more buyers who might not typically be able to buy. When banks create a mortgage loan, they are forced by their head office to follow fairly strict terms. By offering seller financing, they increase the number of potential buyers who would even look at the house. And not all sellers necessarily require all the cash up-front (which why would get through bank financing). Instead, they may prefer the cash flow that owner financing gives them.
Why owner financing makes sense? Owner financing has many advantages and is a great tool for both sellers and buyers; if you’re thinking about buying a house in Dallas Fort Worth, owner financing can give you the means to buy your next house.
I hope you find this video helpful and we hope to hear from you if you need any help or have any questions.
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If you want to find the perfect private lender for a buyer in Fort Worth, you can carry out a detailed search online or even ask around locally. It might surprise you to discover that many private lenders are difficult to find, often because they are not widely publicized or promoted (since they rarely have the advertising budget of a bank to market their lending services!)
Did you know you can skip all the negotiations and complexity and just buy directly from us, TMC Property Solutions? (We may even have some owner financing options available). We always have new houses coming in all the time so make sure you’re on our Priority Buyers List to receive an email of our new homes available as they become available.
P.S. In many cases, I can give you “full asking price” for your house with owner financing, sometimes even more than asking price. All we need to do is agree on the “Terms”. Let’s talk TODAY.
Again, I’m a local house buyer wanting to buy your property – NOT LIST IT!
Click here NOW and fill out our short form, or call our office at (817) 550-5069 Opt# 9 24/7 to learn more.
Why Rent When You Can Own? Own A Texas Home Today!
Want to get a personal loan from a private lender fast? We at TMC Property Solutions can help you by connecting you with private lenders in Dallas Fort Worth. Simply fill out our short form or give us a call at (817) 550-5069 Opt# 9.
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