An owner of real estate in Las Vegas, Nevada may choose to structure the sale of a condominium, townhome, or single family home through "seller financing" also known as a "seller carryback". As real estate markets change so do selling vehicles. If you happen to be a savy investor who had the good fortune to purchase real estate in Las Vegas, North Las Vegas, or Henderson, Nevada between 2009 – 2012 in cash then the selling opportunity I am about to describe may be suitable for you. The type of sale is referred to as "seller financing". Seller Financing allows an owner to act as the direct lender for the sale of real property. Here is the scenario: Owner hires Teresa Story-Turner, Realtor at Windermere Prestige Properties to list and sell real property such as; condominium, townhome, or single family home at current market value. A potential buyer makes an offer that the seller ultimately accepts. The terms of the sale require that the buyer pay 20% down and the owner will finance the remaining consideration at terms agreed upon by both seller and buyer. The buyer's down payment covers the closing costs for the transaction. A deed is recorded at the Clark County Recorder's Office to transfer ownership from seller to buyer. The buyer signs and delivers to seller a promissory note secured by a deed of trust that is also recorded for the sale balance. If the buyer defaults on the terms of the note, then the seller has the right to foreclose in accordance with Nevada law. In this event the seller regains ownership of the property and makes a decision to continue to hold the asset or resale the property. To learn more aboout a Seller Carryback or Seller Financing that involves real estate in the Greater Las Vegas area contact Teresa today.
February 9, 2016
by Teresa Story-Turner