Seller Overviews for RealtyPact and the Seller-Financing of Real Estate
Say you own a nice, mid-priced home and have been trying to sell it FSBO for several months. And say that home is located in a market not fortunate enough to be on the “Top 10 Hottest Real Estate Cities in America” list.
You’ve had plenty of showings and several people have said they love the place, but you haven’t had any worthwhile conversations past that. Comments are positive about the property and the price, but no one has made an offer.
So what’s the next step?
After months fulfilling the terms of a real estate purchase agreement under the Land Contract format, the Buyer is ready to submit the final payment to the Seller to complete the transaction.
With that payment, let’s examine the process for transferring the Deed to complete the transaction.
It’s quite common for Land Contracts and seller-financed Real Estate Purchase Agreements to have a contract duration of 3 to 5 years with a buyout clause — often called a ‘balloon payment’ — due at the end of that time.
Let’s examine why that structure is common, and why it doesn’t always have to be that way, either.
What should a Buyer and Seller expect when they create a typical Land Contract for real estate? Let’s examine the standard process:
The following is an overview of the process that a Buyer and Seller can expect when they undertake a real estate sale using a Seller-Financed Mortgage Contract:
Are you considering selling your home through a Seller-Financed Mortgage Contract, a real estate purchase agreement structure where the Seller takes a mortgage position and provides the Deed to the Buyer upon execution of the contracts? Review the positives and negatives to consider before you begin.
Are you considering selling a home under a Land Contract? Review the positives and negatives that should be considered before you begin.
While ‘Seller-Financing’ and ‘Realtor’ are options rarely considered together, they work well through RealtyPact to help Sellers get many types of properties sold.