Seller financing - what are licensing requirements

[Bob Willis]

Hey All - I live in Nebraska. I am currently getting ready to move out of state and I have a rental I own free and clear here in Nebraska that I do not wish to manage from OOS. I am considering selling it with owner financing. Can I finance the sale of this property I own without being a licensed mortgage company? Or should I consider rent-to-own? The problem I see with rent-to-own is that I am still the landlord and if something goes wrong the call me to fix, which is the exact situation I want to avoid. As a note - there are NO property managers within 40 miles of the town I am in. So that is not an option. Any thoughts? Thanks - Bob

[Greg Scott]

Bob:

I do not believe this is a requirement, but am not familiar with Nebraska law.  I would check with your local title company / closing attorney.  They would know for sure because they would be processing the loan docs for any closings.

I share your concerns about rent-to-own, but as a lender you must also be prepared for a possible foreclosure and getting back an ugly house.

If you haven't checked this site yet, here is one more resource for finding a property manager  https://www.narpm.org/