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    magicjohn's Avatar
    magicjohn Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 8, 2010, 06:22 PM
    Seller holding mortgage
    I have a rental home that needs lots of repairs and may cost approx. $20,000. The house is old and the rentor really wants to buy it but,because he does cash only business, cannot get a mortgage. He has been renting my property for 7 years and has never been late with the rent. He is a good tenant.
    He asked me if I would be interested in holding the mortgage. He wants to give me $1,000 a month extra and a down payment.
    Should I go for this? I've been advised not to do this ,but it's the only way he can get a mortgage and probably the only way I can sell this old house. ( He is willing to buy it as is.) Thanks Alex
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    Jun 8, 2010, 06:38 PM

    I would run this past an Attorney to make sure you are protected but, yes, if he is your only buyer and he is your only seller, it might be a VERY good arrangement.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jun 8, 2010, 06:39 PM

    I would go ahead with it. This is a person that you have experience with and has a track of good payment. Just make sure you do everything legally with a promissory note etc.

    If you are worried about servicing the loan, you can always sell it.
    petershelpman's Avatar
    petershelpman Posts: 1, Reputation: 1
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    #4

    Jun 10, 2010, 12:00 PM
    My name is Rev. Peter Shelpman and I can save you some trouble on that. I know a way you can seller finance so that he doesn't have to use a bank and you still get money up front.Call me @859-707-8255.
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