Does anyone have any experience with this? I have some land for sale and someone that is looking for owner finance. He wants to put down a chunk of money then pay off the rest over 5 years. He wants to buy and move a mobile home on to the land. It sounds all ok to me but I’m not aware of what could go wrong. I would get an attorney to structure the deal.
do a contract for deed. you can make the deed out and leave it in escrow if you want but never ever let it out of your control until the contract is fulfilled.
I would look into doing it through a real estate attorney and make sure that if he defaults the property returns to you! But to save bucks, I would seek out a title company that has experience in this type of transaction. For it to hold up in court it has to be legal, protect yourself.
Yes for sure. Will get attorney, will hold the title until it’s fully paid.
you need to consult and use a real estate attorney, no question about that. there are lots of problems that can happen, you will have to file a foreclosure to ever get your property back, that"s 3-4k, the attorney will charge you 1k or more to do the contract for deed, there is also title work and abstract, survey, closing fees, some more fees, etc, then things change from when it goes to being a vacant land deal to them putting a home on it, its now there homestead, taxes, insurance etc, they can tie up your property for years with covid, foreclosure, bankruptcy, etc. just my 2cents worth.
Yeah. Lots to consider. I think it may be a bad idea. Hate to tell them because they seem really excited about it.
This sounds like a nightmare.
If he can’t get a loan because a bank doesn’t trust him then why should you trust him?
My grandma was quite the business woman and did this often. She had a great attorney that would prepare the paperwork for her. She was always buying and flipping properties. She bought into a motel and ended up selling it to a investment group, owner financed. They put down a down payment and paid monthly over 10 years. At the end of the 10 years, their balloon payment at the end was nearly what the original purchase price was. My grandma always said, “Why let the banks make all the money on the interest?”
