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Palm Beach County Seller Financing Can Be a Powerful Inducement

Palm Beach County Seller Financing Can Be a Powerful Inducement

seller financingNovember’s Mortgage Credit Availability Index shows a slight relaxation in lending standards — but as most Palm Beach County home buyers and sellers will agree, getting a mortgage is still difficult. With mortgage availability benchmarked at 100, although it’s currently at  111 ½, compared with the 800 it stood at in 2007, today’s is still a tough environment.

That’s why Palm Beach County seller financing is being considered by more homeowners. When a home is owned outright, seller financing can draw a higher selling price (with future interest payments as a bonus). But before making such an offer, Palm Beach County homeowners need to consider all of the ramifications: there is more involved than just the assumption of added risk.

Of course, ordering and examining a buyer’s credit report is the starting point. If the story it tells needs too many explanations, it’s time to walk away. Foreclosing on a seller-financed home can be more difficult than through a traditional foreclosure —particularly if the financing documents are substandard.

At first blush, seller financing might seem to simplify the whole transaction, but in fact some details usually handled by a bank must be hammered out:

  • Who will pay for the appraisal; who for the inspection?
  • Who is going to be responsible for property taxes and upkeep?
  • Will the deed be transferred to the buyer right away, or only after the home is paid off?

Those issues point out why a “handshake deal” can’t be recommended for a Palm Beach County seller financing arrangement. Just consider the last two points: if the deed hasn’t been transferred and taxes are in arrears, whose credit is harmed?

A good attorney will draft an agreement that nails down responsibilities and penalties for a buyer default as well as a detailed payment structure. A well-drafted seller financing agreement protects both parties by preventing misunderstandings and providing an unambiguous inducement for good behavior.

Given the right buyer, clear communicating and a framework cemented by the proper paperwork, Palm Beach County seller financing can provide the missing element that makes a sale possible. If you will be listing your own Palm Beach County home this winter, when you give me a call, we can discuss many of the different paths to success.

 

 

Questions, Comments or For more information you can email Christian Penner at TheMortgageTeam@ChristianPenner.com or visit us online at www.ChristianPenner.com or you can call us directly at: 561-316-6800

ChristianPenner.com
Palm Beach County Seller Financing Can Be a Powerful Inducement
http://www.christianpenner.com/palm-beach-county-seller-financing-can-be-a-powerful-inducement/


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blackwhite#Christian Penner, #Mortgage Broker West Palm Beach talks about #Real Estate West Palm Beach. He also serves other Local Areas and provides home #Mortgage Solutions for Palm Beach Gardens, #Jupiter, #Boca Raton, #Wellington and #Tequesta. #Christian Penner Mortgage Broker Jupiter has the #lowest mortgage rates and the best #home mortgage programs like; #Jumbo loans, #FHA Home Loans, #VA Home Loans, #Reverse Mortgage Home Loans, #Freddie Mac Home Loans, #Fannie Mae Home Loans and #HARP Mortgage Loans. #Christian Penner Mortgage Broker Palm Beach Gardens has Served the area for over 15 years with his #Home Loan Lending Needs and Works with #FEMBI Mortgage in Jupiter. You Can Also Find Him On fb mortgageFacebook at: http://Facebook.com/YourMortgageBanker

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ChristianPenner.com
Palm Beach County Seller Financing Can Be a Powerful Inducement
http://www.christianpenner.com/palm-beach-county-seller-financing-can-be-a-powerful-inducement/

Palm Beach County Seller Financing Can Be a Powerful Inducement