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Dont do it! I speak from experience. 15 years ago I sold a home owner finance and it has been a nightmare. I even had an attorney draw up the contract, a very competent one at that. You will not be released from the title ect. so if there are any leins ect placed on the property it heads right back to you. Also if the buyer wants to refinance or sell the property you run into more issues. In my case, I sold the paper to a mortgage company and they later foreclosed or started to anyway. There was an error in the title which is not uncommon, and they started to foreclose on me! If I were to do anything of this sort, it would be a lease with option to purchase. At least that way the buyer has ample time to fix any credit issues and you will be done with the whole process.
Thank you so much for taking the time to tell us/me about your experience. Owner financing - maybe not such a good thing. Lease to buy - maybe better.
A Lease with a 3 year option to purchase with the price point of the purchase set in the lease to purchase contract would cover you from all angles. It would give them time to qualify for the loan. The option to purchase is an asset in and of itself, and gives you the right to ask premium on your lease agreement.
Its easier to evict a bad tenant who refuses to pay than it is to foreclose on a person who you are owner financing the purchase of the property.
Youre very welcome. I dont want to see anyone go through the horrible experience I did, not to mention the 4k in legal bills. Lease with option is much better and you can help your buyer by making a portion of the payment go towards his downpayment. Good luck.
The purchase option can even be sold as a seperate entity for cash so as not the muddy the water on the lease agreement. It can then be transferred to the buyer as a seller assistance towards closing costs as part of the contract.
For a lease / purchase transaction you need to be very specific about fix-up and maintenance costs. I don't know what shape your property is in, but you don't want someone to move in as a rent-paying tenant and come up with a laundry list of things that need to be repaired, updated, etc. Don't agree on a price now only to pour thousands into the property into things the tenant believes need to be fixed. Be specific about what you will and will not fix / update.
Do you own your property outright? No mortgage?