There are many ways to speed up the sale of a home in New York. One of the means you can adopt is to take it upon yourself to finance the purchase of your home by a new buyer. This is a transaction that will naturally carry a certain amount of risk. It will be up to you to ensure that the buyer you finance for is reliable and able to follow through.
The seller needs to be free to finance
Transactional real estate deals can take many forms. A seller-financed transaction can be faster and more cost-effective to arrange than many similar conventional real estate deals. The main detail that needs to be confirmed is that you are free to finance. You can have no mortgage yourself.
Once the buyer has confirmed that you are able to finance the deal, they should prepare to make an immediate down payment. The amount of the down payment that they make needs to be equal to the amount that they would put down in any other type of real estate deal. Once they do, you will then be legally free to proceed to finance the deal and close it.
Seller financing can lead to a quicker close
One of the main pros of a seller financing arrangement is that it can lead to a much faster and more cost-effective close. The entire process basically consists of drawing up a promissory note and mortgage that spells out the rate of interest, schedule of payments, and consequences of a default.
It should go without saying that this is the kind of arrangement that should have input from financial and legal advisors. Both parties should seek expert help to ensure the agreement is both legal and fair.