North Fort Myers owner financing
Meticulously maintained 2/2 in the Riverbend Unrec subdivision. There is a fence to the rear and essentially you do not have a neighbor to the rear. There is a laundry room/worship attached to the car port. The owner will finance with 40% down. North Fort Myers is the largest unincorporated area in Lee County. Expanding 70 square miles, from the northern shore of the Caloosahatchee to Charlotte County, Cape Coral west, and east to Alva. Interested? Lets Talk!
The demographics range from young professionals to retirees and most everything in between. North Fort Myers also has a decent percentage of seasonal residents (snow birds).
The owner will finance with 40% down. We will run a tenant background check on the (cost $50.00 per adult) we will also need income docs to establish ability to pay. The seller is open to most terms and or structures. Due to dodd frank the shortest balloon we can do is a 5 year balloon. Owner financing takes place when a property buyer finances the purchase directly through the person or entity selling it. To a seller, this is an investment in which the return is guaranteed only by the buyer’s credit-worthiness or ability and motivation to pay the mortgage. For a buyer it is often beneficial, because he/she may not be able to obtain a loan from a bank. In general, the loan is secured by the property being sold. In the event that the buyer defaults, the property is repossessed or foreclosed on exactly as it would be by a bank.
Seller financing is just what it sounds like: instead of the buyer getting a loan from the bank, the person selling the house lends the buyer the money for the purchase. The buyer and seller execute a promissory note providing an interest rate, repayment schedule and consequences of default.
Benefits to seller and buyer
Seller financing can work to the benefit of both buyer and seller.
Advantages for the seller:
- Seller financing can be an interest-earning investment.
- Because he’s financing the purchase, the seller might be able to obtain a higher purchase price or sell the house without doing repairs.
Advantages for the buyer:
- If your credit history limits the amount you can qualify for, seller financing can help you buy a more expensive home.
- If you can’t qualify for a traditional mortgage, the seller may be willing to finance the entire home.
- You may get a lower interest rate and may not need to purchase private mortgage insurance.