For Sale by owner

[Maria Car]

I have a Rental i decided to sell , The comps in the area are 175 to 180k . My loan balance is only 100k , the payment is 745 per month , the buyer wants to take over payments and give me 80k cash, but the Loan will still be in my name. I investors do this all the time , what are the simple steps i should take to close the deal.

[David Dachtera]

Originally posted by @Jeff B.:

HMM; Note in your name - - that demands the Title is too and you pay property taxes.

If this were to be discovered, you'd get slapped  with the Due On Sale.

Do as  you please, but I like to sleep nights.

 NA Beard...

Read up on a strategy called "Subject To".

No, the note being in your name does NOT demand that the title be, also. The lien ties the debt to the property, not the title.

Experience in the industry has shown that DoS is rarely exercised and where it is, it is usually by big banks notorious for doing so and other bad things as well. So long as the payments are current and made consistently, lenders typically have bigger fish to fry.

At least one of the gurus teaches using sandwich lease-option as a way to stave off such issues, but that might not help in this specific situation.