Selling a house via Lease Option / Owner Finance under Dodd-Frank
I have a property that I haven't had much action on. I have about $95k into it. I have it listed for $119,000.
I posted it for rent at $1300/mo and have 4 showings scheduled in less than a day.
I have two people that asked for an owner finance deal. I said I would consider if I had $15k down. Two people claim to have that to put down.
Terms I'm considering:
$125k sales price: $15k non-refundable option consideration, $1000/mo for 24 months with a $110k balloon payment after 24 months. $15k perfect payment bonus (I've heard this is the way to go as opposed to saying the option consideration goes towards the purchase price because it conveys interest in the property........)
I've scheduled a call with my RE lawyer but that isn't until Friday!
I'm trying to structure terms but I can't find reliable resources regarding Dodd Frank.
Can anybody shed some light on a trustworthy resource that is not in lawyer speak?
I will certainly pay my lawyer for advice, but I wanted to get the ball rolling on the buyers that are interested.
Thank you in advance.