Alicja, Toronto
"It was a pleasure selling my condo with Leslie and Rachel. They sold my condo in 12 days for 100% of my asking price. Thier condo selling system is proactive and it worked for me!"
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Financing Your Home >Owner Financing
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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Where will you find the world's largest indoor waterfall?
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The lobby of the International Center in Detroit, Michigan has a waterfall of 114 feet, backed by 9,000 square feet of marble. |
 See More Real Estate Trivia > |
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Rachel O'Hearn and Leslie Benczik
RE/MAX All-Stars Realty Inc.
2281 Kingston Road, 2nd Floor
Toronto, ON. M1N 1T8
Phone: 416-597-0077
Fax: 416-342-0034
Email: Rachel@GetBenczik.com
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‡Leslie Benczik, Susan Taylor, Rachel O'Hearn, Alon Hillel, Rosemary Mauro, Tiffany Lee & Frances Kwong
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