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Real Estate ®
Eileen M. Day REALTOR
SHOULD SELLER
HOLD MORTGAGE?
If you are selling your home, you may get an offer from a buyer who wants you to provide all or part of the financing. There is a good chance that the buyer would want this seller financing at a preferential interest rate. After all, there is no special reason to borrow from you if financing is available at the same cost elsewhere.
Benefit-wise, there is probably no safer investment than a loan secured by solid residential read estate. However, there are also risks, if the buyer stops making payments on the first mortgage or on the loan to you, you might be involved In a foreclosure situation.
Here's something else to consider. Perhaps the buyers financial position is not strong enough to qualify for a first mortage and is forced to rely on seller financing. Since lenders screen their borrowers carefully, this should be a warning signal. As long as mortgage money is available and you don t have to provide financing, a clean sale with no financial conditions is usually your best bet.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor, the Clopton House, Washington, Va. 22747. Phone 675-3033. We re here to help.
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