Simultaneous Closing: Seller Financing on a Kapolei Home
Selling Kapolei real estate
Right now, it can be difficult to get a home loan. This affects both buyers and sellers, since a seller may not be able to find a bank-approved buyer for his or her Kapolei home. One way to get around this is to offer seller financing on your Kapolei home. But this can be risky, since you will receive the payments, and you will be responsible for foreclosing if a default happens.
Simultaneous closing is a seller financing technique that can help you limit your risk when selling Kapolei real estate this way. LoanShak explains how it works:
1. The seller creates a private home mortgage note with the buyer
2. The seller sells the home mortgage to a note investor
Because these two things happen close to the same day, it is known as a simultaneous closing. You are still financing the transaction, but you have sold the home mortgage, and so you get cash from the note investor, and the buyer makes monthly payments to the person that bought the note.
For more on selling Kapolei real estate, contact John Riggins.
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