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    lgdaetz's Avatar
    lgdaetz Posts: 2, Reputation: 1
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    #1

    Jun 18, 2008, 04:58 PM
    Holding a mortgage note on the sales of real estate
    Can I request a credit report on the buyer? Is a summary statement as good as a contract?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jun 18, 2008, 05:05 PM
    Not only can you, you should, and the lower their credit score the higher down payment you should require and the higher the interest rate should be. There is a reason people have bad credit, they don't pay their bills on time. Also you should know exactly how to foreclose if it happens.

    And no a summary statement is a summary statement, you should have a contact for sale, you have to include any and all required legal notice, itmes like lead paint, or terminte and so on. And you have to have a loan agreement with is filed as a lien on the home. If you are going to hold your own mortgage get a attorney to do all of the paper work for you.

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