November’s Mortgage Credit Availability Index shows a slight relaxation in lending standards — but as most Palm Beach County home buyers and sellers will agree, getting a mortgage is still difficult. With mortgage availability benchmarked at 100, although it’s currently at 111 ½, compared with the 800 it stood at in 2007, today’s is still a tough environment.
That’s why Palm Beach County seller financing is being considered by more homeowners. When a home is owned outright, seller financing can draw a higher selling price (with future interest payments as a bonus). But before making such an offer, Palm Beach County homeowners need to consider all of the ramifications: there is more involved than just the assumption of added risk.
Those issues point out why a “handshake deal” can’t be recommended for a Palm Beach County seller financing arrangement. Just consider the last two points: if the deed hasn’t been transferred and taxes are in arrears, whose credit is harmed?
Given the right buyer, clear communicating and a framework cemented by the proper paperwork, Palm Beach County seller financing can provide the missing element that makes a sale possible. If you will be listing your own Palm Beach County home this winter, when you give me a call, we can discuss many of the different paths to success.