Owner Financing
With owner financing, the seller takes on the role of the bank. Instead of giving cash to the buyer, the seller provides a loan, secured by a mortgage, to the buyer for the purchase price of the home. The buyer and seller sign a promissory note (which contains the terms of the loan). They record the mortgage with the local public records authority. Then the buyer pays back the loan over time, typically with interest.
These loans are usually short term — they may be amortized over 30 years to make the payment affordable but will have a balloon payment due in three to five years. Generally, within a few years, the home will have gained enough in value or the buyers’ financial situation will have improved enough that they can refinance with a traditional lender.
Owner financing is available on select Myrtle Beach area homes and condos. Terms, down payment, income, and other requirements vary according to the owner’s qualifying criteria. All owners require a qualifying process which includes income verification, character references and background checks.
For a confidential, no obligation, consultation regarding possible owner financing opportunities please contact me at 843-602-7644 or email mike@childsrealestate.com.
Use the links below to view the Myrtle Beach area homes and condos for sale with possible owner financing.