Posted by JPiper on May 17, 1999 at 16:10:09:
You can sell with this method to them…but the repercussions are that the lender, at it’s option, and if it discovers the contract, can call the loan due.
This risk can be mitigated. Take a look at the “How To Articles” written by Bill Bronchick regarding the due on sale clause.
By the way, this buyer has close to 25% down. There are alot of “non-conforming” loan programs out there which will accomodate people with credit or other issues with this amount down. Have you checked the buyer out? What problems does he have?
JPiper