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FINANCE EVERY SALE ~ What to
do when the Bank says "NO"
We are sorry that the bank said "no". However, that does
not mean that the property cannot be sold. Many properties
and Buyers simply do not meet today's rigid standards for
institutional (bank) financing. But keep in mind that
people were selling real estate long before the first
bank ever opened its doors!
The way to sell property after the banks says "no" is
"Owner Financing" or "Seller Financing". Buyers love Seller
Financing. It is quick, convenient, doesn't involve the
tedious and intimidating process of bank financing and
Buyers prefer dealing with homeowners rather than banks.
Realtors who advertise a property with the heading "Seller
Will Finance" have learned that the phone rings off the
hook. The problem is that Sellers are reluctant to finance
the sale of their property for two reasons.
Risk of Foreclosure: Anytime a property is financed,
by either a bank or by a Seller, there is always a risk of
default by the Buyer and the subsequent problems of
foreclosure. Although it is impossible to eliminate the
possibility of foreclosure, the risk of it occurring can be
reduced by utilizing the Owner Financing Forms that can be
obtained from us at no cost. (Order
Forms &
Publications)
Lack of Cash At
Sale: The number one reason that Sellers refuse to
finance the sale of their property is that the Buyer's down
payment is usually insufficient to pay the real estate
commission and closing costs and leave enough left for the
Sellers to meet their needs. That is where we come into the
picture. It is our business to provide the necessary cash at
closing. We are very flexible and very creative and can
usually provide additional cash at sale.
To see how we can assist you and/or your clients, we have
several examples of some of the ways we can provide
additional cash at closing for the Seller.
Example
No. 1:
A typical sale of a single family residence owned free and
clear, or with small existing loan.
Example
No. 2:
A typical sale of a single family residence with an
attractive assumable loan.
Example
No. 3:
A typical single family residence being sold with new
financing and the Seller taking back a second.
Example
No. 4:
A typical land sale.
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