Real Estate Agent · Birmingham, AL · Member since 2018 · 72 posts · 37 votes
I'm in the process of selling my personal residence and have someone asking about owner financing. In doing precursory research it looks like there's more involved with this than i initially thought like dodd frank, RMLO's, attorney's etc etc. Initial talks when they came to check out the house was full asking price of $149900 and $15k down. I currently owe $130k.
I'm looking for some help on structuring this. It seems like $15k down for a LO is high and they may not agree to that and I would prefer not to have to deal with Dodd Frank and having to go through the legal steps to actually foreclose on the property since I will be moving out of state. If I did take the necessary steps to do owner financing, would I be able to sell this to an investor to get out from under it?
I'd rather not rent it because I'm moving out of state and for my first rental property i'd rather it be closer. Also, it was my first property i bought so i'm emotionally attached to it and also don't think it would cash flow much at all. Would rather wash my hands of it completely but if I can make 15k on it while minimizing any risk I'd do that but also don't want to get in over my head here as a complicated "first deal"