One of the most requested “can you show me” things I have been getting lately has been related to Owner Financing in MLS. We seem to be finding more and more requests from buyers for this type of option and there are investors and owners out there that own their home without the encumbrance of a mortgage, and feel the prices are where they would like them to be to sell. If you do come across buyers and sellers who wish to agree to buy under the terms of Owner Financing, I suggest they work out the details and speak to an attorney to get the contracts together. However, we’re left with the question of how do I enter Owner Financing and how do I find them for my buyers. MRIS makes it very simple for us and I’ll lay out the few easy steps here.
I’ve also done a video tutorial, if you’d rather review that…
How Do I Enter Owner Financing in Keystone?
When you are entering a listing into MRIS with the option for Owner Financing, there is only one additional step that is needed outside of the normal steps to enter a listing. On the left hand side of the screen, click on “Mortgage” under the “Financial” section on the left-hand sidebar. Then Choose “New Financing” on the screen and click the drop-down and choose “Owner Financing”. Boom… done.
How Do I Search For Owner Financing in Matrix?
The next part is equally as easy, but takes a few more steps. To search for homes that allow Owner Financing, you’ll need to add the searchable field to your search page. [It’s important to let your clients know that there aren’t many Sellers who are in a position to sell with Owner Financing and that not all agents know how to enter that in the system, so what comes up in the search may not be the only options.]
Add Search Field
The first step is to add the search field. When on the Matrix search screen, scroll to the bottom and look for “Additional Fields” and the click on “Add/Remove”
Add New Term
Once you’re on the next page, you’ll need to take three quick steps. One, scroll through “Available Fields” until you see “NewFinancing”, select it. Two, click “Add” so that you see it move to “Selected Fields” and then three, click “Back” at the bottom of the page.
Viola! Now, you’ll see the “NewFinancing” field at the bottom of the Matrix search screen and you can select “Owner Financing” as an option when searching. MRIS couldn’t have made it any easier!