If you’re thinking about selling your mobile home and you’re wondering what your options are, perhaps you’re exploring something called “seller financing” (also called “owner financing”). Owner financing is a little-known but very effective way to sell your mobile home. And maybe you’re wondering, is owner financing a good idea for the seller in Maine? That’s a great question and we’ll talk about it in this blog post…
Here’s How Owner Financing Works
In a normal mobile home-selling transaction, the buyer (who doesn’t have ALL of the money for a mobile home) goes to a lender (such as a bank) and pays a down payment, and then makes regular monthly mortgage payments until the borrowed amount is paid in full.
This is the way most people are familiar with buying and selling. But there’s another way to sell your mobile home that you might not be aware of, and it involves owner financing.
With owner financing, everything is similar except this one thing – the seller of the mobile home acts like the bank: the buyer pays a down payment to the seller and then makes regular payments (just like mortgage payments) to the seller until the mobile home is paid in full. Then the ownership of the mobile home transfers to the buyer.
Many Sellers Are Wondering, Is Owner Financing A Good Idea For The Seller In Maine?
Many sellers do find owner financing to be a great idea.
- They like that they have a larger group of potential buyers to sell to (including those who might not qualify for traditional bank financing)
- They like that they get monthly cash flow from financing payments
- They like that they still own the mobile home and are protected, should the seller stop paying
- They like that there is no property management
What’s not to love? You get ongoing cash flow and protection, and you’re still able to sell your mobile home. That’s a perfect recipe. Whether this is your primary residence that you’re looking to sell, or you’re a landlord who is ready to start selling some of your rental property, owner financing might be a great option for you.
If you’d prefer to spread out payments or to have more buyers trying to buy your mobile home, owner financing might be a great option for you. If you’re serious about selling your home and want to explore all of your options, take a closer look at owner financing.