I NEED HELP WITH SELLING MY HOUSE ON CONTRACT

[Travis Elliott]

Hi

I found a couple that want to buy my house on a contract or lease option. I have a conventional loan on the property but I havent had time to see if there is a due on sale clause or not.

The buyers are suggesting that I except some money down from them and take payments with a balloon date in say five years. I would use an interest rate around eight or nine percent.

What are the ins and outs of this? What should I watch out for? Would the bank get wind and be upset over this?

Any help would help.

Thanks

Travis