Miami Owner Financing
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Owner Financing in Miami
OWNER FINANCING -- Owner financing is an option if you find yourself under water and in danger of foreclosure. By selling your property this way you will attract a new class of investors looking for opportunities like the one that you have to offer. Here's how it works.
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The seller offers the buyer financing on a loan just like a bank would. The buyer will make payments usually including a down payment directly to you. With this income you can pay off your mortgage each month. But most sellers prefer a fast resolution this option can provide relief when others are hard to find.
With this options sellers can't count on an upfront lump sum, however they can often negotiate the amount of the down payment and in some cases a balloon payment. This is a lump sum payment of the remaining amount to be paid at a specified time in the future.
Even better, sellers benefit from interest paid on the loan that banks would normally collect. This is an additional income source that opens up room for creative negotiations.
In many cases the seller will settle for a lower sale price knowing that they can recoup the losses were the long-term interest rates and payments. When you consider the loan appreciation this can be an attractive option and certainly a much more appealing option in foreclosure or bankruptcy.