Out of the 23,918 properties on the market as of today (per our MLS and including single family homes, condos, townhouses and manufactured homes), 360 are open to selling with terms. That is less than 2% of the sellers out there that will consider selling with owner financing or as a lease option. The remaining 98% percent are made up of bank owned and short sales, and private sellers who either don’t understand owner financing, aren’t open to it, or their agents don’t understand how to present it as a viable option for their sellers.
Currently 7% of the houses on the market here are not being sold as a distress sale. That means they are not a short sale or foreclosure property, but a seller with actual equity either because they didn’t over finance their house or they are an investor trying to make money flipping a house they bought after rehabbing it. And out of this 7%, only 7% will consider creative financing terms.
As investors who bought houses in the last year or two, who were trying to flip them for a quick profit discover that this is still not a great market in which to flip a house, we hope will become open to seller financing in order to sell their investment property. The reason they may consider it is because they get someone to live there who will take care of the property because they want to make it their own, give them a good return on their money, and turn all of the maintenance and repairs over to the new occupant who wants to be a homeowner.
What that does mean to you is the pool of these types of properties is very small and if you see something that will work for you, you need to act on it quickly. You may not get everything you want like a brand new kitchen, or a pool, or you may have to drive a bit further than you hoped. But if homeownership is your goal, and traditional means aren’t available to you because of credit or being self employed, this is a great way to purchase a home.
As licensed agents here in Las Vegas, we strive to make this deal as painless as possible. So do your homework, be prepared to show proof you have a deposit, be able to explain why you can’t get traditional financing, and don’t be afraid to work towards fixing the issues so you’ll be able to refinance in 2-5 years. Expect to see new properties added to our blog several times a week. And if you don’t see what you’re looking for, don’t hesitate to ask. Properties get added regularly.
Our goal in 2012 is to help as many of you become homeowners as possible.
Happy New Years from us at Owner Carry Only. 702-531-4798 firstname.lastname@example.org