You may want to sell your house and finance it yourself. This is known as owner financing. This is possible when your house is paid off and you own it free and clear. We buy houses in Tulsa Oklahoma and want to help you sell yours. We can offer you cash down and you can finance it to us or just sell it straight up. This is also known as creative financing in the real estate world. This type of financing has some risk involved, but also has the potential to make you a nice chunk of money. You will want to perform it right so using a real estate attorney is wise. Also make sure you and the buyer are on the same page with every detail.
Step 1: Is it possible in your State?
The first step is to find out whether you still have a mortgage on the home. In some states, if your home has a mortgage, you are not allowed to offer owner financing. But other states have different laws around this.
Consider hiring a realtor or attorney in Oklahoma to answer questions about contracts and agreements.
Step 2: How it generally works?
Selling a property to someone and financing the sale is typically a good situation for both parties. The buyer will put down a down payment and pay you monthly payments until they’ve paid off the remainder of the loan. At that point, the home legally becomes theirs. Make sure you know the law before you sell property with owner financing. It’s important to consult with a real estate legal expert, who will make sure that all federal, state, and local laws are followed.
Step 3 : Market your home online and offline in Tulsa County
You can post your house on Zillow or Facebook. A good idea is to indicate that seller financing is available. The more marketing, the better! If you know a realtor that deals with this type of financing then they may have a list of potential buyers with a cash down payment ready to purchase.
Step 4. Negotiate offer
When people are interested in your property, communicate with them. If a buyer makes an offer on your property, then negotiate the price and terms with them to find a solution that benefits both parties. You may want to hire a real estate attorney to help with the signing of the papers when you and the buyer agree on a price and terms. The attorney may also help both of you figure out terms that are a win win.
Step 5. Acquire the down payment and finalize deal
Once you agree on a price and sign the papers, and collect a down payment you are almost done. The signed docs and down payment is generally the only thing you’ll need to hand over the house to the buyers. Usually you own the home up until it is completely paid off, at which point ownership rights transfer to the buyer. It is best to allow an attorney to walk you through this process so nothing is missed.
Give us a shout if you need to sell your house fast in Tulsa!
This website does not provide legal advice and does not create an attorney-client relationship. If you need legal advice, please contact an attorney directly.