What Is The Most Important Factor In The Price I Receive When I Sell Private Mortgage
While there a a number of factors effecting the price for a private mortgage, if I had to pick one factor that will have the biggest impact in the eyes of mortgage buyers, I would say down payment. I am tempted to say credit of the borrower but with a big down payment, most private mortgage investors will pay a lot less attention to the buyers credit when they make a substantial down payment on the property. So if you are about to offer owner financing, I would favor a buyer with the biggest down payment. However, if you are evaluating two prospective buyers and one had awful credit with say 15% down and the other had good credit and a 10% down payment, in this case I would pick the lower down payment prospect. I know this sounds contradictory to my earlier statement but in this example, the down payments weren’t that far apart. So be sure and weigh all the factors carefully before deciding on who to offer owner financing. If you are looking to sell private mortgage through a simultaneous closing, contact a good mortgage buyer and get quotes on the two prospect’s offers. That way you’ll know. Good luck.