[ricks5758]

Can I sell my house on land contract whille I still have a mortgage with Wells Fargo?

[Fr_Chuck]

Term issues,

You can contract the house for sale but the house is not sold, You are still the owner, the deed is not transferred, and the taxes are still in your name and you need to keep insurance coverage on the property.

The "buyers" will get renters coverage since they do not actually own it, till it is paid off.

Take time, have an attorney make out the contract, it should contain what happens if they don't pay, what happens if they move out, can they sell or have someone take over the contract ? State what fees they have to pay, or what happens if they do not keep the property up, what repairs are their liability, what happens if they are out of zoning rules.

Think of the buyer from ><<< and write it up to protect you the best it can.

Also always try and get a fairly large down payment, I never sell one for less than 5000, since almost 90 percent of contracts never go all the way and you will be taking the house back.

[ricks5758]

Do I need to let my mortgage company know I am doing this?

[Fr_Chuck]

No, it is not any of their business, you are not selling the house, they have to be notified if you sell it ( transfer deed)

The buyers will of course be worried about you getting foreclosed on, so many buyers may not want to buy it, if you have a loan on it.

This is not a sale, keep that in mind, it is merely a contract for a future sale.

[ricks5758]

No, it is not any of their business, you are not selling the house, they have to be notified if you sell it ( transfer deed)

The buyers will of course be worried about you getting foreclosed on, so many buyers may not want to buy it, if you have a loan on it.

This is not a sale, keep that in mind, it is merely a contract for a future sale.

Thank you for your help