- Realtor, General Contractor, and Developer
- Redding, CA & Bend OR
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HELP!! Need solution for selling a house
I own a house in Redding, CA that has a mortgage on it of $756,000 with OCWEN. I have someone interested in purchasing it and will give me $250,000 toward $1,000,000 purchase price. HOWEVER; they cannot obtain financing (it's a non profit and they don't have ability right now to finance) They want me to keep in my name and they will make payments for the next year, and do all maintenance, etc. At the end of the year they will refinance.
How can I do this? Are Contracts of Sale illegal? Could I do some type of partnership, lease, or ? I want to make sure we are both protected. Should something happen to me, I want to make sure they are covered and can complete purchase. However; if they can't make payments, or refinance, I want to be able to make sure I don't have a big problem too. On te $250,000 would they be entitled to any of it back should they not be able to refi ? Since I'm not actually carrying a note, I would not have foreclosure as recourse, so how do I address it?
I will also seek advice of an attorney, but like to get your well informed thoughts so that I make sure I cover all the bases.
Any suggestions?
@Jay Hinrichs I know you are experienced at finding creative solutions, any ideas?
