Innoivative Strategy For Seller Clients
Wednesday May 20th, 2020Share
Many realtors have never experienced a downturn the likes of which we are experiencing in the economy right now. As more people are allowed to leave their homes many may want to downsize or upsize or simply rent. If you can yiou may wish to offer a VTB (Vendor take back Mortgage). Assuming you bought the property 10 years ago and have either paid off the mortgage or built up equity a VTB may be a really interesting alternative for the following reason. If the person defaults on payment you not only keep the downpayment but also get the property back and can sell it again. In the meantime you get a fixed rate of return which is probably better than what the bank would offer and it is guareneed with the property itself.
For the buyer the advantage is that they may find it easier to get the financing from the seller than a financial institution.
Regardless of whether you are a buyer or seller call me, an experienced realtor for a consultation. As always I provide The Allan Key Soulution to Unlocking The Doors of Your New Home