Owner Finance W/O Home Being Paid Off?
My home in AZ and is not paid off and I'd like to know if I can do a lease purchase on it? I have it up for sale but you know how that goes. If something doesn't happen soon I will have to look into a short sale scenario. I owe $106,000 on it plus $10,000 sewere assessment. I have it for sale for $115,000 and the new owner take over sewere assessment. I have some lookers and it seems that foreclosures are running short in my city so I am somewhat hopeful that it will sell. If I lowered the price to $100,000 I feel that it would sell pretty quick, but then I would still owe the balance of the loan and the assessment. I'm trying ot avoid that so I'm wondering if I can do an owner fianance. I would be appealing to a market of foreclosed homeowners that still want to buy a home but have lost their home through foreclosure. What are your thoughts and would it be legal to do an owner fianance on a home not owned outright?