Houston Owner Finance Homes

Wondering whether to trust the pricing for the sell of a mortgage or land contract?

Here’s how to know if it’s a firm offer or just a soft quote when going to sell a private mortgage note.

Soft Quotes

A soft quote is an initial offer made by an investor without review of the buyer or payer’s credit. Credit plays a crucial role in pricing for both yield and investment to value (ITV) parameters on owner financed real notes. A quote without a credit review will likely be revised when credit is actually reviewed.

A soft quote is provided when only a Quote Request Worksheet is submitted without any supporting documentation. When there is no legal ability to pull credit and no indication of the payer’s credit status, the investor will often assume the best.

The quote will be

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As cash flow note brokers we know that owner financing happens when the seller of property accepts payments over time from the buyer.

This creative financing helps buyers purchase homes without traditional bank loans.

We also know that many sellers get tired of receiving installments and would rather have a lump sum of cash now. They seek out our services when they decide to sell their owner-financed mortgage, cash flow note, or land contract.

But what is seller financing?

If you are thinking it’s a trick question – you’re right. Seller financing and owner financing are just different names for the same thing. We often use the terms interchangeably.

Is one phrase used more often?

To answer this question we turned to Google, the powerhouse of Internet search engines. And, the results just might surprise you.

The clear people’s choice winner, by an overwhelming 5 to 1 lead, was… Owner Financing!

Here is an overview of the results based on monthly search volume for the following terms:

Owner Financing         135,000Owner Finance            110,000Owner Financed            74,000Seller Financing            27,100Seller Financed               8,100Seller Finance                 4,400

Source: Research obtained from https://adwords.google.com/select/KeywordToolExternal

The choice between owner versus seller is often based on where people live, but on average people across the US use some form of  “owner financing” over “seller financing”.

What do you say more often? Leave us a comment below to let us know your favored term along with the state you live in!

About the Author:  Tracy Z. Rewey has spent 20 years making money with owner financing.  All those hard earned lessons are shared in Personal Profit Series: Notes – The Complete Moneymaking System to Buying Referring, Creating, and Holding Real Estate Notes!

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