Marketing for owner financing

[Chip Chronister]

I have a SFH for sale and I am looking at ways to market it. I want to owner finance it or offer a lease purchase.

How do you market your homes that your are owner financing it or lease purchase.

How much of a down payment do I need to get for an owner financing deal?

[Bill Gulley]

You really need to do some reading here on BP, you don't really call the shots, it depends if you really want the deal to work, most sellers don't, if they do, they usually mess things up trying to put a round peg in a square hole.

Most are done with 10% down, but it could be more, you could do less, you're really assessing risk.

Best is to get to a mortgage broker. If you really don't know what you're doing you can have problems.

AR has a 10% usury law as well. You can't charge points or have finance charges, you can have late payment fees with limitations.

How do you advertise? To be on the safe side all you have to do is advertise the property and then say:

Sell will consider financing. 4 words, that is all, no rates, no terms, you're not making any obligation to provide financing, no credit disclosure required and there is no violation of law.

People will understand that you'll consider carrying the deal. Make no mention of any down payment as that leads to expressing terms. When they call you can say what you have in mind. Don't put financing terms in a written ad for residential properties, don't need to go there.

Next, if you don't live in the place, and you're selling to an owner occupant you need to check on Dodd-Frank. Again, just get a mortgage originator.

What town are you in? Be nice if you put that in your profile.... :)