With so many changes to the economy over the years, many homeowners in Spokane have been realizing that selling their home through a traditional sale with a real estate agent isnt and hasnt been the only way to sell a house. In fact its never been law that you have to sell your house with an agent. You can sell a house via seller finance (you are the bank basically) that recieves a monthly payment from the buyer. If you’re wondering how to sell a house by owner financing in Spokane Wa , keep reading this blog post and we’ll walk you step-by-step through the process…
Step 1. Determine whether you own the house outright or still have a mortgage
In some states, if you have a mortgage you may not be able to offer owner financing (but you can in other states). So the first step is to determine whether you have a mortgage or not.
Step 2. Make Sure You Talk to a real estate attorney for help in crafting an agreement
With seller financing, you are acting like a bank. The buyer will pay you a down payment and then pay you regular monthly payments with interest until the house is paid off, and then it becomes their house. So make sure you talk to a real estate attorney to ensure that you are protected and obeying all federal, local, and state laws while also protecting yourself! (If you need the name of a good real estate attorney, get in touch with us and we can make an introduction.)
Step 3. Market your house online and offline
After you talk to an attorny and the paperwork is in place, you are ready to advertise that you have a house for sale. Be sure to let people know that you offer seller financing. There is no limit to how much marketing you should do – the more you can do, the better.
Step 4. Work with potential buyers
As your marketing captures the attention of potential buyers, work with them to show them through your house. When someone makes an offer on your house, negotiate the price and terms with them and find the middle ground that will ensure a win/win situation. Sign the papers when you and the buyer reach an agreement.
Step 5. Collect the down payment and hand over the keys
Once you agree on a price and have signed the papers, collect the down payment and hand over the keys. In most situations, you will continue to own the house and collect payments until the house is paid off, then ownership transfers to the buyer.