Updated about 12 years ago on . Most recent reply
Owner Finance vs Rent to Own
About 6 months ago I made my first deal by selling some raw land I owned. To lock in the price I wanted I offered to owner finance w/ 50% down. As I was reviewing the contracts I learned that if you owner finance in Tx if the buyers default I don't get the property back, it actually goes to auction. The title company lawyer and a different real estate attorney I spoke with both said its true. Does any one know any more details about this? I could very well not understand everything correctly.
Is it possible to get around this legally, one could "rent-to-own" or do something to where if the buyer defaults u can foreclose on the property and get it back vs. having to put it to auction??? What financing methods are available???