Veteran Owned Business

6 Owner Financing Tips For Sellers In Tulsa, OK

Posted by FixedProperties on July 16, 2019

If you’re thinking of selling your house using owner financing, make sure you read this blog post to learn the 6 owner financing tips for sellers in Tulsa…

There are many ways to sell your house. You could list it on the market and see what sellers will pay. You could work with a real estate buying company (like what we do here at FixedProperties LLC) and get a fair all-cash offer, or you can consider owner financing and “be the bank” to sell your house to a buyer and collect payments over time.

Owner financing is a valuable but under-used strategy to sell your house. It’s where you offer terms to the buyer to pay you regular payments (just like a mortgage). Here are 6 owner financing tips for sellers in Tulsa, OK…

Owner Financing Tip #1: Don’t Focus Only On Price

Price is just one component. Of course, you’ll want to find a price that is fair for both of you but there are other considerations as well (which could benefit you more than the asking price).

Owner Financing Tip #2: Timeline

Think about the timeline you want to be paid in. Banks might offer 5, 10, 15, 20, and 25-year mortgages. Do you want to accept payments over that period of time? Your buyer will want to find a timeline that works for them, too: they might not want to be paying you 25 years down the road!

Owner Financing Tip #3: Terms

The terms of the deal are one of the most important yet most overlooked parts of the deal. The terms might include things like how much down payment you want if there’s an early repayment penalty or a late payment penalty, and most important – how much interest you charge.

Owner Financing Tip #4: Protect Yourself

Even if you enter into an agreement with someone who is completely trustworthy, things could still go wrong – so make sure you protect yourself. For example, make sure you have insurance and the other person does as well for the various situations that could occur. And consider including a clause that retains the ownership of the house in your name until the house is fully paid.

Owner Financing Tip #5: Build Contingencies

Most of your owner financing agreement will be built around the “ideal plan” – of what would happen if everything goes perfectly. But sometimes things happen outside of our control, so building contingencies allow you to make better decisions if the unexpected happens. For example, what if the buyer no longer wants the house, or can longer pay, or wants to pay early, or wants to use the house in a different way than expected? Or what if your circumstances change and you no longer want to sell or you need to sell even faster? Agree to the contingencies with your buyer ahead of time and the arrangement will be so much smoother.

Owner Financing Tip #6: Get An Attorney

No matter how you ultimately structure your owner financing deal, make sure you work closely with an attorney who can help you. A poorly worded agreement could end up hurting you; an attorney can help.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Ready to Sell Your Oklahoma Home?

Start the process today! Complete the short form below to begin.
Get Your Cash Offer

Start Below!

We Sold Our House Thru FixedProperties
FixedProperties Gave Me a Fair and Reasonable Offer
I Was Really Glad I Called FixedProperties

FixedProperties

Cash Homebuyers in Tulsa and Oklahoma City
Meet the Team at FixedProperties
Hi, we’re FixedProperties. We’re a locally owned and operated cash home buying company that focuses on helping local homeowners, like you, find solutions to sell your house fast. Have you been asking yourself, how can I sell my house fast in Tulsa? or how can I get cash for my house in Oklahoma City? Well you’ve come to the right place!
We buy houses for cash all over the Tulsa and Oklahoma City area. Old houses or New houses. Foreclosure homes or probate properties. It doesn’t matter. Get a cash offer for your house in one day or less.