Posted by Chris(Indiana) on August 18, 2003 at 19:04:37:
I am actually in the same boat. I was going to do owner financing and then try a simultaneous close. I found most of my buyers weren’t good enough for that. Too low of credit scores. Not enough down…etc.
I still plan on doing it but I’m L/O the home for one year. But because I also need to cash out I am going refi to pull out some cash and do another deal. I get some option money up front. Some cash flow for a year and then at the end of the year if my buyers credit still isn’t good enough to go to the bank I can still create a mortgage and the hope is is that with a years worth of on time payments at the residence I should be able to sell the note for 90% LTV.
That last part of course I am still crossing my fingers on. But at least my short term problem was solved. I just didn’t feel like waiting endlessly for the just the right buyer to come along.