All Forum Posts by: Account Closed

The majority of the time real estate agents are putting their listings on the MLS. Very few ever suggest seller financing or creative financing at all. With that being said, you have to go out and create the deal from the MLS. It can be done but like what @Brett Deas mentioned you want to look at listings that fell through and are BOM (back on market). Listings that have sat on the MLS for awhile.Look for key words in the description like " seller motivated"  and from there you try and entertain a seller finance conversation.

Hope this helps!

@Account Closed

The key to finding a seller finance deal is to be proactive, flexible, and willing to do some extra legwork to find the right home with favorable financing terms. While finding seller financing deals may require some extra effort, there are indeed multiple ways to find such opportunities. Let’s go over some of these ways and where to start.

Finding Sellers via Real Estate listing websites
Search for homes on real estate listing websites like Zillow, Redfin, or Realtor. com.

Use the search filters to narrow down your search to properties that offer owner financing. You can also narrow the search field by the size of the deal, amount of money, type of home, and listing service. Look for keywords such as “owner financing,” “seller financing,” “contract for deed,” or “lease option” in the property description. If there is no information provided about financing, you can reach out to the listing agent or home seller to inquire if owner financing is an option. Be sure to create a system for yourself to log your communications with sellers or potential buyers for future reference.

Hire a Real Estate Agent
An experienced agent with in-depth knowledge of the local housing market may be able to find owner financed deals in the area. They may be aware of a motivated homeowner willing to sell their property and offer owner financing. In addition to identifying owner-financed homes, they can negotiate better interest rates and terms with the seller and assist you in completing the transaction. Remember relationships are important.

Check a Public MLS Website
As a realtor, searching the MLS for owner finance deals can be a great way to find unique, creative solutions for buyers and sellers. To get started, log into your MLS account and use the search bar to look for listings that are “For Sale By Owner” or “Owner Financed”. You can also search for keywords such as “lease option” “contract for deed,” or “seller financing”.

Locate For Sale By Owner (FSBO) Homes
A useful approach to locating homes available for purchase through owner financing is to drive around a desired neighborhood and look for “For Sale By Owner” signs. If a property captures your attention, you can reach out to the owner and inquire about the possibility of owner financing. This tactic proves more effective during a buyer’s market, where the seller has difficulty selling the property, and it has been on the market for an extended period.

Common Types Of Seller Finance Agreements
Look for “For Rent” Signs
While “For Rent” signs may not directly indicate owner financing, they can be a good indicator that the property owner may be open to creative financing options. Rent-to-own or lease-to-own agreements can be a form of owner financing, where the buyer rents the property for a period of time with the option to purchase it at a later date.

Check Eviction Records
An effective approach to identifying landlords who may be interested in owner financing is by reaching out to those who have faced tenant-related challenges and the demanding eviction process. Accessing public eviction records at your local courthouse can help you locate such landlords. Once you have identified these property owners, you can initiate contact to inquire about their interest in selling their property through seller financing.

Check Buyers/Investors Network
Networking is an effective means of discovering homes available for purchase through owner financing. Attending local real estate investor meetups and other industry-related events provides an opportunity to meet motivated investors looking to sell their property. You can inquire if the property can be purchased through owner financing.

All the best!

Arizona -ARMLS Search- Residential:

Click,"Add field", down on the bottom of the left menu where you see "Status","List Price", "Type of Dwelling", etc.

Type in the search box, "new Financing"

Click the box beside, "Seller may carry", or maybe "wrap around", if you are searching those as well.

"Seller may carry", search currently shows 201 properties, Active, in Maricopa and Pinal county, not including mobile homes, or land.

Quote from @Account Closed:

Quote from @Chris Seveney:

@Felipe Corral Jr.

Why even do seller financing ? It’s 25% down and todays rates? I would just go to a conventional lender.

 Would you consider Subject-To for this deal then?

 If the original loan interest rate was low - absolutely.

I can see why the seller would need this, but I have to say that the interest rate of 7% is more than I'd prefer. If you went for a conventional loan, not only would you have a loan to cover the appraised value and title insurance, it could save your profit margins if you end up paying what their asking because you can refinance at a lower rate when interest rates come down. 

@Felipe Corral Jr.

Why even do seller financing ? It’s 25% down and todays rates? I would just go to a conventional lender.

Essentially, yes. There is nothing particularly "investor friendly" about a refinance. It's one of the most common loan products offered by banks and mortgage brokers. Just shop around for the best rates/terms and customer service. 

Closing costs of a refinance may include:
--Origination costs (to the lender)
--Fees for title work and closing the loan (to the title company)
--Recording fees and taxes on the mortgage (to the state)
--Prepaids/Impounds for taxes and insurance (to your escrow account) - Not really a "cost" at the time, but will still be part of the overall settlement. 
--Costs for services such as the appraisal, lien search, etc. (to the service provider, or may be settled at closing)