Seller Financing also known as Seller Carryback is a selling tool used to help owners divest of real property assets; single family homes, condominiums, and townhomes within the Greater Las Vegas area including the cities of; Henderson, North Las Vegas, and Boulder City, Nevada.
Perhaps you purchased real estate in the Las Vegas area between 2009 to 2012. If so you have most likely experienced healthy appreciation on your investment property.
Did you purchase your real estate property by paying "all cash" either because you had the cash or traditional mortgage financing was not available for the property you acquired?
As an investor/owner perhaps you desire an alternative investment strategy that could yield higher returns or opportunities that are not solely reliant upon appreciation.
Have you thought about selling your real estate asset but act as the lender yourself? For example, if you purchased a bank owned (REO) or short sale condominium that was not eligible for mortgage financing because the condominium certificate elapsed or the non-owner occupied ratio to owner occupied ratio exceeded 50% then your only option was to pay cash for the property. Now your investment property has appreciated significantly but mortgage or bank financing isn't viable. So what are your options? You could sell the property for all cash or you could hope that a buyer is able to secure third party funds to complete the purchase of the sale.
OR …You, as the owner could "seller carry" the mortgage in the form of a promissory note secured by deed of trust where you the seller is named as the beneficiary.
Scenario: You contract Teresa Story-Turner, Realtor at Windermere Prestige Properties as the listing brokerage to list and sell your property for $180,000. A buyer offers $180,000 with 20% down payment = $36,000, the balance due to complete the purchase is $144,000 that will be financed by the seller in the form of a promissory note secured by deed of trust. The terms for repayment of the balance is agreed upon among the buyer and seller in the form of a financing addendum incorporated into the purchase agreement. This selling option enables an owner to earn above market interest rates by leveraging the real estate asset. In the event the buyer defaults on the note then you as the beneficiary have the right to foreclose and regain ownership of the property.
As your real estate agent I will work with you to assess current market data that will help you make the best possible decision for your specific situation.