When it comes to selling a house, the unpredictability of the market can make the process seem overwhelming. Homeowners often face challenges when their properties linger on the market without attracting reasonable offers. In such cases, owner financing presents a viable solution. Owner financing is a real estate arrangement where the seller acts as the lender, enabling the buyer to provide a down payment and subsequent monthly payments directly to the seller over an agreed-upon period. In this article, we will delve into 5 things you need to know about selling your property in Dallas using owner financing.
If you are considering this type of financing we do recommend that you seek professional advice from a real estate attorney and tax professional before moving forward with this option. The following blog is for information purposes only and not intended to be professional advice.
1. Owner Financing Can Help You Achieve Your Asking Price
One of the main benefits of selling your Dallas house with owner financing is that it can help you get the amount you’re asking for your property. When you sell your house through traditional methods, you are limited as to what other buyers are willing to pay. However, with owner financing, you have the ability to set terms and conditions that work best for you. This means that you may be able to ask a higher price for your house and still attract buyers who are willing to make monthly payments.
2. You Can Earn a Monthly Income
Another benefit of owner financing is that you can earn a monthly income from the sale of your house. When you act as the lender, the buyer makes monthly payments to you with interest. So you still own the home, and you now are earning a steady stream of income. This is especially beneficial for homeowners who are looking for a source of passive income during the time that you’re financing the buyer.
3. Owner Financing Can Help You Sell Your House Faster
Selling a house can take quite awhile in fact, it may take months, if not years. However, with owner financing, you will be able to get your house in front of buyers that might not be otherwise able to purchase a home right now. This is because owner financing makes it easier for buyers to be in a position to purchase. Buyers who may not qualify for a traditional mortgage from a lender may still be able to purchase your house through owner financing. Since you’re acting as the lender, you will be able to attract buyers that cannot currently get approved for a loan through a traditional lender or bank. So with that, you can attract a larger pool of buyers, which can help you sell your house faster.
4. Owner Financing Can Provide Tax Benefits
Homeowners also can benefit from this type of financing regarding your taxes. When you act as the lender, you can spread out the capital gains tax over the life of the loan. This means that you can avoid paying a large lump sum of capital gains tax when you finally sell your house. Additionally, when you’re a homeowner, you can deduct the interest that you earn from the sale of your house from your income taxes. Tax relief adds up! And who doesn’t want that?
5. Direct Sale to Jamie Buys Houses Can Help You Sell Your House Fast
If you are interested in selling your Dallas house fast and don’t want to mess with personally financing the sale of your property, then a direct sale to Jamie Buys Houses is certainly a possibility. Jamie Buys Houses is a reputable real estate company that specializes in buying houses directly from homeowners. When you sell your house to Jamie Buys Houses, you can receive a fair cash offer for your house, and can close in as little as seven days.
If you’d like to sell your house fast and skip all of the headaches associated with costly repairs, showings, commissions and fees, and the time and hassle involved with dealing with an agent, then you may want to consider calling us for a cash offer today. A direct sale to Jamie Buys Houses can help you sell your house quickly, providing you with a fair cash offer and expert assistance throughout the entire process.
If you need longer than 7 days, that’s fine too! We can work on your time schedule, and you can choose a closing date that works best for you.
Give us a call today to learn more about what we can offer you! 972-318-9500