Finding seller finance offers

[Rachael Phillips]

Hello all,

I wanted to ask some advice from others who have done this already, but I am wondering how people find deals with seller finance offers. I understand what they are and how they work (for the most part), but what I am unsure about is how you find opportunities to start one? Please let me know what experience or recommendations you all have on these things.

Thank you,

Rachael Phillips

[Wale Lawal]

@Rachael Phillips

You can use following tips to find seller finance offers.

1. Talk to a real estate agent or broker. If you find a home that you are interested in, your agent can approach the listing agent to see if owner financing is a possibility. The agent might also know of a homeowner eager to sell and willing to explore creative financing options.

2. Check a public Multiple Listing Service site. Although most MLS sites are reserved for real estate agents, some counties offer public access. If owner financing is offered, it is typically mentioned in the "comments" section of a property.

3. Check real estate listings for homes for lease with an option to buy. With a lease option, you can buy a home at the end of the lease term if you qualify for a loan. Some sellers are willing to apply a percentage of your rent toward the down payment to help you save. If the seller wants to move the home fast, you can mention the possibility of owner financing.

4. Drive around areas you might be interested in living. Look for signs that say "For Sale by Owner." Contact these owners to see if they are interested in an owner financing deal.

5. Spread the word. Let your friends and family know you are looking to buy a home with owner financing. Search local classified ads online and in the newspaper for owner-financed deals. You can even post your own ad to reach potential sellers.

Good Luck!