Mar 02 2008
Thinking About Owner Financing?
Many people sell things every day who allow their customers the choice of owner financing. In fact, many individuals allow this option, not just companies or corporations. Of course, owner financing is a process through which the customer makes payments directly to the owner of a home, vehicle, or some other type of property. This allows the customer to avoid bank financing and other such means of financing. Often, the seller ends up not being paid or the contract ends up not being fulfilled. This is something that can really make you think twice about ever offering the option in the future.
Of course, there are customers who regularly pay their bills and never neglect an agreement. This is the bright side of owner financing. A family who may not be able to get bank financing is able to still purchase the property, whatever it may be. What the owner needs is a way to check on the financial history. Does the seller have bankruptcies in the past, liens, civil judgments against him or her or some other type of red flag? Knowing this type of information would allow the seller to avoid the type of customer who has habitual late payments, unfulfilled contracts, and the like.
There is a way to be privy to this sort of information easily. In fact, with several different websites that allow you to specifically search for information like this, it’s fairly easy. One of the greatest things about sites like www.CourtRegistry.org is that you don’t need a lot of information about the person in order to check things like this. So, if you want to check them out before they fill out any sort of contract at all, you are able to do that. All you need is their name, approximate age, and the city they live in. How easy is that?
This will really save you a lot of trouble in the long run. Obviously, if the customer has many different judgments against him or her, or has been sued for outstanding debts in the past, you will probably want to avoid him or her. However, if there is no evidence of unfulfilled contracts or abandoned rental payments or notes, you should be in the clear with this customer. This really is a priceless tool for those in the owner financing industry. In this day and age, you just can’t afford to take on an irresponsible customer.
By checking their past financial activity, you can be assured you will not have to sue them, or fight tooth and nail to get the payments the customer agreed on. It’s a definite advantage. Check out your customer today and see what you can come up with!
