Advice - Posted by Brenden Mulhern

Posted by Sharon on September 13, 2003 at 09:42:16:

Here are some suggestions:

  1. Owner-finance the deal by accepting the 52k, and taking a note back for the 18K.

  2. Contract for Deed. Have her put 5-10% down, and make monthly payments on the balance for the rest. After 2-3 years, buyer should be able to cash you out.

  3. Sell house to her on a lease option for 1-2 years until seller cashes you out.

If you don’t understand how to setup any of the three above techniques, do a search here in the archives…There’s a wealth of information on these techniques. Or, get a good real estate attorney who understands creative real estate investing to help you set this up with the seller, and have good contingencies in the purchase contract for your protection in case buyer defaults on the deal and you’ll have to take your house back.

Good luck!

Sharon Jones
Real Estate Investor
St. Louis, Missouri

Advice - Posted by Brenden Mulhern

Posted by Brenden Mulhern on September 10, 2003 at 02:52:03:

We have a house that the buyer can only get a loan for 52K and we agreed on 70K what path should we take we want to sell it to her? Should we do a bond for deed? And if so what if she doesn’t pay use to we have to seize it and then pay the mortgage because they would be first? In order to get title back? Please offer suggestion