Buying an owner-financed home in Florida can offer several great benefits, but it’s not right for everyone. You should always talk to your Realtor® about whether a Florida owner finance property or home is the right choice for you before you make a final decision.
Owner Financing Benefits for Buyers
There are several benefits for people who choose to use owner financing to buy a home or land in Florida.
There’s a Different (Or Nonexistent) Qualification Process
The seller may ask to see your credit report or run a credit check on you, but most sellers aren’t financial experts who lend money every day. A seller may look at your entire credit profile and have far less stringent requirements than a traditional lender would.
Financing Tailored to Your Needs
The terms of an owner financing agreement are entirely up to you and the seller. The seller can offer you a number of different types of plans, including:
- Fixed-rate amortization
- Balloon payment
- Negotiable interest rates
Flexibility on Down Payments
The down payment on an owner-financed home or property is negotiable between you and the seller. If you can’t afford what the seller wants, he or she may be able to work with you by requiring lump-sum, periodic payments.
Seller Financing Has Lower Closing Costs
You won’t have the traditional expenses you can expect with a lender, such as:
- Discount points
- Origination fees
- Processing fees
- Administrative fees
If you’re using seller financing, you don’t have to wait for the bank to cut through red tape and process paperwork at a snail’s pace. That means you can move into the property that much sooner.
Are You Looking for Seller-Financed Properties in Florida?
Call us at 386-243-0124 right now so we can start looking for seller-financed properties in Florida that meet your needs.
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