You have your home on the market so its a very good assumption that you want to simply sell it. Keep this in mind. We are in a very bad housing slump, and things will get a bit worse better it gets better. Unless you own your home with no mortage you shoulder a major burden each month. Besides the mortage you have property tax, insurance, upkeep, and all those other little things like the power bill etc. Many sections of the greater sacramento area are over stocked with inventory (Elk Grove arae for example) so your competition becomes banks, auctions, new home, etc. This also means the housing values near you drop - becasue people don't buy at auction, REO, short etc. unless its a deal. Don't get wrong - homes are still being sold; many are thinking outside the box. Owner carry is a good thing. Initailly it seems like a troublesome matter - but in reality you reap a far greater YIELD then you would on a straight cash deal. Typically a buyer want the owner to carry becasue the buyer may have a ding on their credit which prevents them from qualifying for a convnetional loan in an ever tightening mortgage market. This doesn't mean the buyer doesn't have the proper income or job stability to fullfil their debt obligation. Bad things do happen to good people. Plus when a seller carrys its not for ever - after 12 to 24 months (if you don't consider all options your home may sit on the market for this long) of payments their credit is back to levels that would enable them to go refiannce the into a conventional note. Many companies service owner carry transactions so the seller isn't collecting the monthly payment - but the company handling the matter takes care of all that. Sellers - please understand the market and you could find yourself very fortunate. Some people are in a bad situation and with an owner carry - you can hit a home run. Imagine carrying the note for 30 years (most don't) - your $200,000 home would reap you nearly 3x the sales price. Plus after some due dilgence you'll find a market place of people who actually buy these notes. Good luck to you. If you are selling you owe it to yourself to read up on owner carry.
Basic Benefits to owner carry
Highest Price (buyers make full price offers and not low ball offers you maybe getting)
Fast Closing (Nothing holds up a sale more than new lender financing)
Tax Savings
