Can I do owner financing in NJ if I have a mortgage? “Of course you can!”
Do you have a house to sell? Perhaps you’re thinking about selling, and maybe you’re thinking about seller financing.
But if you have a mortgage on your house, you might be wondering, “Can I do owner financing in NJ or PA if I have a mortgage on the property?”
We get this question a lot so we decided to answer that question here… Keep reading this blog post and we’ll answer that question and give you some strategies to move forward…
- You have options
- Seller financing with a mortgage
- Can I Do Owner Financing in NJ if I Have a Mortgage on the Property? – You have choices
- What to Do if You Have a Mortgage and Want to Sell Your House with Owner Financing
- Get started today!
You have options
Homeowners who are thinking about selling have several options.
They can list their home through an agent, or they can list it themselves, or they can sell it directly to a buyer.
And, many homeowners are discovering a simple strategy called “owner financing” or “seller financing” that allows them to sell their home to a buyer and collect regular payments that will pay off the house:
- The buyer pays a down payment
- The buyer pays regular monthly payments
- When the agreed-upon price is paid, the title reverts to the buyer
Homeowners love it because it’s a great way to sell and a great way to find even more buyers, including those who might not be able to get traditional bank financing.
Home buyers love it because it means more choices for them, and they don’t have to necessarily impact their credit score to get a house.
If you own your house outright, you can do a seller financing agreement.
But what happens if you have a mortgage? Maybe you’re wondering, “Can I do owner financing in NJ if I have a mortgage on the property?”
The short answer is: it’s complicated.
Seller financing with a mortgage
In some states, you can create something called a “wraparound mortgage,” in which you extend a mortgage to a buyer (usually at a higher rate of interest) while still paying your mortgage to the bank.
However, this is not legal in all states and all situations, and there are additional clauses that you should be aware of.
Can I Do Owner Financing in NJ if I Have a Mortgage on the Property? – You have choices
If you’re unable to sell with seller financing because of a mortgage, you have other options…
An alternative that might work for you is called Rent-to-Own, which has some similarities (such as ongoing payment and you own the house) and some differences (there might not be a down payment, and the buyer needs to qualify for a mortgage from a bank at the end of the pre-established rental term).
If you are thinking about accepting owner financing but you still have a mortgage on your property, here’s another option for you:
Get in touch with us and talk to us about your property.
As experts in buying and selling real estate, we are aware of several options that you might not know about.
We can walk you through those options and help you out ourselves, or we can connect you with someone who can help you.
Get in touch with us today by clicking here to fill out the form or by calling us at (856) 281-1157.
What to Do if You Have a Mortgage and Want to Sell Your House with Owner Financing
At Jeff Buys Houses Cash, we’ve been providing owner financing solutions in NJ and PA for decades, helping numerous homeowners navigate complex real estate transactions.
As owner financing specialists, our team has the expertise to structure creative financing solutions that benefit both buyers and sellers.
Expertise in Owner Financing
With over 36 years of experience in real estate and construction, we’ve developed a deep understanding of the current market and the goals of buyers and sellers.
This expertise allows us to provide customized financing solutions that meet the unique needs of each client.
Whether you’re looking to sell your house quickly or attract more buyers, we can help.
Benefits of Working with Jeff Buys Houses Cash
When you choose to work with us, you can expect:
- Customized solutions: We’ll work with you to create a financing solution that meets your unique needs and goals.
- Expert guidance: Our team has extensive experience in owner financing, ensuring that you receive the best possible guidance and support.
- Creative financing options: We’ll explore various financing options to find the best solution for your situation, including subject-to transactions, lease options, and wrap-around mortgages.
Having a Mortgage Doesn’t Necessarily Preclude Owner Financing
In many cases, it’s possible to do owner financing in NJ even if you have a mortgage.
However, it’s essential to understand the terms of your existing mortgage and how they may impact your ability to provide owner financing.
Our team can help you navigate these complexities and find a solution that works for you.
Why Choose Jeff Buys Houses Cash?
Most realtors have limited experience with creative real estate financing, which can lead to missed opportunities for sellers.
At Jeff Buys Houses Cash, we’ve dedicated ourselves to mastering the art of owner financing.
Our 36 years of experience in real estate and construction provide a unique perspective on the benefits and risks of owner financing.
Get Started Today
If you’re considering owner financing as an option for selling your house in NJ or PA, we encourage you to contact us.
Our team is ready to provide expert guidance and support to help you achieve your goals.
We’ll work with you to create a customized financing solution that meets your unique needs and helps you achieve a successful transaction.
Conclusion
At Jeff Buys Houses Cash, we’re committed to providing creative financing solutions that benefit both buyers and sellers.
With our expertise in owner financing and our extensive experience in real estate and construction, we’re well-equipped to help you navigate complex transactions and achieve your goals.
Contact us today to learn more about how we can help you with owner financing in NJ or PA.
