When is Owner Finance for a Mortgage Common?

Finding an owner finance mortgage opportunity can be very beneficial as a buyer. While it may be difficult to find one immediately, there are some deals out there with great interest rates and a low down payments. The terms are generally very flexible and favorable for you. Therefore, it can be in your best interests to find an owner finance situation. Here are a few times that you may be able to find one easily. 

Down Real Estate Markets

One of the best times to find an owner finance mortgage is when the market is down overall. When the real estate market is down, many sellers want to unload their houses quickly. They have been faced with extenuating circumstances that require them to sell the house as quick as possible. This leads them to be flexible in the ways that they can sell it. Offering owner financing can sell a property quicker than almost anything else. Therefore, if the real estate market is down, be on the lookout for owner financing mortgages. 

Abundance of Houses

When areas are overbuilt and many houses are for sale, sellers will use this as a strategy to differentiate their property from the others. Look out for potential deals in these areas. 

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