Is an Owner Financed Condo Right For You?
Posted by Bill Zinsser on
Owner Will Carry, or OWC (also known as seller financing), is an arrangement where the property seller acts as the lender, providing a loan to the buyer instead of a traditional bank or mortgage lender. This method can be mutually beneficial but also carries certain risks for both parties involved. But is it right for you? Let's explore.
When Owner Carry Works Best
When interest rates are high we see more and more OWC options with condos for sale. In addition to high-interest-rate environments we see this used effectively for unique or non-warrantable properties and for investment properties. It works well for sellers who don't need immediate access to all their cash, and for buyers who anticipate refinancing later. Closings are just like with a…
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