I have a house in texas. it is leased. i owe $35,000 on it. my renters want to purchase it, but they can not get financing. the sales price is $95,000. is there a way i can sell it to them.
by 
bettydennis
ANSWERS: 4
-
Land contract. I'm not exactly sure how it works. They give you a downpayment, keep making monthly payments to you with an agreement that they will pay a lump sum after so long, I think. I'm sure there are other ways to work it out, but you wouldn't get the entire amount at once....kinda like you are financing them, I guess.
-
rent to own. have them give down payment and pay a certen amount for 30 yrs
-
Yes, you can have a contract drawn up stating all the facts of the agreement, such how much the payments will be, when they have to be made, what to do if the payment is late, and so forth. Here is a list of sites that have information and forms that you can use: http://www.google.com/search?hl=en&suggon=0&q=seller+financing+agreement&btnG=Search
-
I would first ask why they cant get a loan?! Are they long time renters and have a good history with you? Most owner financing is set up with a down payment that is non-refundable! If they fail to make the payments then they lose the down payment-most often this is the case by the way. However, If your area has been hit hard by the recent down turn in the market, this can be a win-win situation for both of you! Get a lawyer who can draw things up for a small fee to make sure you are covered.
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC