buyer changing names on purchase agreement

[Steve A.]

In Washington state a buyer made a written offer on property and wants seller financing. After we accepted the offer the buyer refused to have credit, bank or employment checked (red flags).  Now buyer is offering to add a relative to the deal who is supposed to have good credit.

Question: Would this be a new offer with the two names of buyers? or can they write in another buyer's name? Can I insist it be a new deal?

[Wayne Brooks]

I assume you agreed.....subject to buyer’s credit/income approval.  Adding someone for credit/income reasons does not mean they have to also be on title, it’s your choice. Most people wanting seller financing of course don’t look good on paper.

If this is an owner occupied loan, talk to an RMLO....you may have Dodd Frank/qualification issues if you ever need to foreclose.

Make sure you check for any outstanding liens/judgments on any financed buyers....as those judgments/liens, if recorded, will be superior to your loan, in most states.