Posted on: 19th Jul, 2010 04:36 am
I own a home free and clear. have been renting it for the past 7 or 8 yrs. wanting to sell now because of age wondering if me holding the morgage would be a good way to go
Hi tcooner!
Welcome to forums!
As you own the property free and clear, owner financing is a good way to sell off the home. You can list the property in the market and check out if you can get buyers for the property. Owner financing will help you in receiving a stable monthly income in form of mortgage payments every month. Also, you would be able to charge a higher interest rate compared to the what is available in the market. However, you should sign an agreement with the buyer regarding the terms and conditions of owner financing.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you own the property free and clear, owner financing is a good way to sell off the home. You can list the property in the market and check out if you can get buyers for the property. Owner financing will help you in receiving a stable monthly income in form of mortgage payments every month. Also, you would be able to charge a higher interest rate compared to the what is available in the market. However, you should sign an agreement with the buyer regarding the terms and conditions of owner financing.
Feel free to ask if you've further queries.
Sussane
As sussane said... If you find a buyer... That would be a great way to start receiving a nice monthly income.