An inside look at the residential real estate market in Southeast Texas including: the hottest neighborhoods, proven home selling strategies, home buying and negotiating tactics, median prices by neighborhood, average days homes are on the market, and professional advice on how to get the best deal when buying or selling a home.

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Owner Financing, Not Often Offered in Southeast Texas Home Sales

Dollar bill house Here's a question I hear all the time, "Do you have any homes with owner financing?".  With lending requirements being tougher than ever, more prospective home buyers have been forced to ask this question.  In today's market if your credit score is below the mid 600's you will have a hard time finding a bank to lend you money.  If you want to buy a home that only leaves one choice - find a home with owner financing. 

If only it were a simple thing to find.  Just this week, I heard that question, the same question again.  "Can you find me a home with owner financing?"  So I searched the MLS and here's what I found. 

10 listings that offer owner financing:

  • 2540 Tyler, 2 bedroom, 1 bath, $44,500, MLS 134001
  • 3360 Magnolia 2 bedroom, 1 bath, $45,000 MLS 135838
  • 570 Campus, 4 bedroom, 2 bath, $49,500 MLS 135832
  • 2348 Pecos, 2 bedroom, 2 bath, $63,000 MLS 127987
  • 345 E Alma, 3 bedroom, 1 bath, $169,900 MLS 135451

  • 5130 Canyon Circle, 3 bedroom, 2 bath, $175,900 MLS 133633

  • 5120 Canyon Circle, 3 bedroom, 2 bath $179,900 MLS 133632

  • 5140 Canyon Circle, 3 bedroom, 2 bath, $184,900 MLS 133634

  • 5110 Canyon Circle, 3 bedroom, 2 bath, $199,900 MLS 133631

  • 2108 Harrison, 5 bedroom, 2.5 bath, $395,000 MLS 136128

That's all.  Out of more than 1400 listings in the Beaumont MLS only ten offer owner financing.  But before you go out and offer owner financing on your home, you should know there has only been one sale in the Beaumont MLS this year that closed with owner financing.  Yes, home owners that can offer financing are picky about who they will finance too. 

The one home that closed was on Taft.  It sold for $55,000 and had 1024 square feet of living space.  So next time you are thinking about buying a home with owner financing, just remember you might have your work cut out for you because its not often offered in Southeast Texas.

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Comments

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Jaime Salazar

I provide owner financing for home buyers in the $35,000.00 to $45,000.00 range. I recently found out that a bill passed which would affect those who owner finance in the state of Texas. I understand that the bill requires a mortgage broker to provide certain information to the prospective buyer before the seller can prceed with the financing in order to avoid committing mortagage fraud. I would like to ask anyone who sees this posting to please send me information regarding this new requirement. The name of the bill or any other info regarding this matter. Thanks, Jaime Salazar

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Thanks for your comments, Stephen! Yeah, I've considered all these things,
and did try to talk to him about it. But he shied away from telling me any
good reasons soooo..... I'll really never know! But it's entertaining now
(not back then!) to ruminate on reasons why. Thanks for your added thoughts!
;)

Ken Sanders

Well lets face it, this lady is more than likely a Realtor...and it's no surprise THEY don't care for owner financing, it gets tough for them to make their commission. So, with all due respect...I am not placing a LOT of confidence in her remarks in the above article.

Diane McNelis

Hi Ken. Its no secret that I'm a REALTOR. Its all over the blog. But let me explain a point I think you may be confused about. This article doesn't discuss "For Sale By Owners". It discusses MLS listed homes that offered owner financing. These are homes where a potential buyer doesn't have to get approved by a lender. They can arrange their financing through the property owner. I get calls all the time from buyers who are trying to find homes that offer owner financing. There are a lot of people who would like to buy but are unable to get financing through a bank or lending institution. One remaining option for them is to find a home owner who will finance the home they are selling. When these homes are listed in the MLS, the REALTORS involved in the transaction, one representing the buyer and one representing the seller are paid a commission which has been agreed to by the seller at the beginning of the listing. In my opinion, most REALTORS are thrilled to have an owner who can offer owner financing because it is one more avenue to sell a property. I hope this clarifies the article. The article was not discussing "For Sale By Owner" properties that do not always pay a real estate commission.

Jason Guerra

I agree with this I live in the Beaumont area and looking for an owner financed home, I have $20k to put down and can afford a 1400mo note and I am not having much luck in finding an owner finance home. They just don't seem to exist without just driving around and calling.

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