OWNER FINANCE VENICE FL AREA FOR SALE
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I specialize in helping you buy a Venice FL area home or condo offering owner financing terms.
Sellers are usually looking for a sizable down payment to carry the mortgage note. This amount can be negotiable, especially for luxury homes. If you can qualify for a bank mortgage in 2 to 4 years, you are a good candidate to buy a Venice FL owner financed home.
Owner Financing Homes for Sale in the Venice FL Area
Purchasing a home where the seller is offering owner financing is not as easy as it once was, but it can and should be. Thank the federal government and The Dodd Frank Act.
I have partnered with our area's leading real estate attorney for transactions involving owner financing, to make the purchase process and your experience as smooth and easy as possible. Please contact me to discuss your individual situation.
Owner financing is not for people with bad credit. It is an option for the self employed who show little income for tax purposes, or for those with homes for sale that need to relocate who can't get financing until their primary residence sells.
What are the owner financing terms?
Understandably, you have questions about the terms offered on a home for sale with owner financing. Most of the time, the Realtor working with the seller does not disclose them in the MLS.
I've found over the years that sellers offer unrealistic financing terms upfront, which scares off potential buyers. I think the best approach is for us to work together to include owner financing terms as part of a written offer. Terms are always negotiable, but these terms are what the market will bear:
At least 20% of the purchase price, if not more, as a non-refundable down payment, paid at closing;
Interest rates anywhere from 8% to 15% or more;
2-4 year owner financing term, at which time you will refinance;
No pre-pay penalty if you want to refinance earlier;
15 or 30 year amortization rate.