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If you are selling a house in which you have a lot of equity, and you don't need that equity to buy a new home, an owner-financing agreement may benefit you and your buyers.

Seller financing arrangements usually involve the buyers securing the largest portion of their purchase money from a mortgage company and getting a smaller second loan from the sellers. For example, they may finance 75% from a lender, put in 15% from savings, and ask the sellers to finance the remaining amount. The terms and interest rates on seller carry-backs are negotiated on a case-by-case basis.

Sellers may be able to negotiate a note that provides a better return on their money than 1-to-5 year CD's or treasury notes. They should ensure that the note protects them to the fullest. Use common sense when considering such a loan, and verify the buyers' income, credit history, and job stability before making your final decision.

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Lynn Skuraton, GRI
Managing Broker
Keller Williams Suburban Realty
250 South Livingston Avenue
Livingston NJ 07039
Bus:: 973-251-0100
Cell:: 973-715-0663
Fax: : 973-629-1239
Email: lyskuraton@aol.com

From Castles to Cottages, Corporate Relocation, and Luxury Properties, I specialize in "People Pleasing."

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