The Step-By-Step Guide on How to Sell A House by Owner Financing In WA

In the recent past, homeowners have been awakening to the notion that they are not bound by the traditional approach of selling their home through an agent.  There are new ways and creative approaches that can be employed.  You can go it alone, or you can choose to offer seller financing.  If you’re curious about seller financing in WA, check out the step-by-step process laid out in this article.

Step 1. Determine whether you own the house outright or still have a mortgage

The first step is very straightforward – simply determine whether or not you have a mortgage on the house or if you own it outright.  (Some stats do not allow seller financing if you still carry a mortgage.)

Step 2. Talk to a real estate attorney for help in crafting an agreement

Step 2 entails enlisting a real estate attorney to help you frame the agreement that you’ll ultimately sign with the buyer.  This agreement will cover things like the down payment they make to you, and the monthly payments they owe you until the house is paid in full.  The attorney will make sure you’re adhering to all applicable federal, state and local laws.  (Check with us if you need a referral to a good real estate attorney.)

Step 3. Market your house online and offline

After the paperwork is taken care of, you can start advertising your home for sale.  This is a situation where the more, the better – you want to be aggressive, stand out and catch a buyer’s attention, informing them of the fact that you offer seller financing.  

Step 4. Work with potential buyers

After you snag a prospect, make sure to offer a house showing; here you can appeal to their emotional side and move the deal along as they fall in love with the house.  You can then negotiate terms with them, looking for common ground and a win/win outcome.  Lastly, make sure all paperwork is signed and executed properly.

Step 5. Collect the down payment and hand over the keys

The last step is to collect the down payment and transfer over the keys to the house.  Since you are acting as the bank in this situation, you still own the house and will continue to do so until the house is paid off.  At that time, formal ownership transfers to the buyer.  

If you’re wondering how to sell a house by owner financing in WA , we can help. We might be able to offer you some advice or even work out an owner financing arrangement where we buy your house from you. Talk to our team at (253) 220-7775 or by clicking here to fill out the form.