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re: Profit or Pitfalls of Seller Financed Home Sale
Posted on 12/4/17 at 5:36 pm to baldona
Posted on 12/4/17 at 5:36 pm to baldona
Thanks. I'll keep in mind that this is most likely a risky loan that does not qualify for standard financing and price accordingly. I haven't met the buyers yet. I just received the first sniff today. I suppose i will have to do some strong due diligence. I realize I will need to construct a strong contract to protect myself as much as possible. Whatever that entails.
Posted on 12/4/17 at 5:48 pm to ynlvr
A bond for deed is the most secure form of seller financing, as long as the down payment suits your immediate needs and makes the process worth it for you financially. This form of sale is good for buyers who have money and steady income but have taken a hit in their credit that disallows financing for some reason. Per Lousiana law, as long as they meet your down payment and monthly amortization schedule and loan term as agreed upon by both parties, there is no way for the seller to lose. If they miss one payment beyond 45 days the whole amount previously paid and the deposit will be forfeit to the seller. Even if they pay down payment at closing and every note for 9 years and 11 months- if they miss the last one beyond 45 days the entire amount paid and the deed will go back to the seller.
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