With every down turn in the real estate market we start to see more and more properties thinking creatively on how to sell their home. One of ways that some listings get sold is to offer some kind of seller financing to help the buyer be able to get a loan on the property. Seller financing is something that is not typically popular when the market is hot and is normally only seen when homes are taking longer than usual to sell. The current marketplace in Newport Beach is relatively quiet right now since the months of October through the end of the year is considered the off-season and is normally not a busy time of the year. Homes do take longer to sell right now so we are starting to see some sellers offer some kind of seller financing to help get their home sold.
There are several things to consider when doing seller financing directly from the owner. It's important to negotiate the monthly payments, interest rate amount and the length of the loan. Most sellers will want to be paid back in a short period of time so except the seller to cap the loan after 3 to 5 years. This is what they call a "balloon payment" meaning that the full amount of the loan will be due after a certain amount of time. The great part about doing seller financing is that everything is negotiable so feel free to put out your own financing terms and negotiate that out with the owner. This is especially true when it's a buyers market when you have more negotiating power. We are able to find several properties in the Newport Beach, Corona Del Mar and Newport Coast area that offer seller financing which are listed below. Please contact us at 949-444-1901 with questions regarding finding these types of properties for sale.