owner financing

[Arnold Komitzky]

Thanks for any advise!
Of course my concern is if the new owner defaults, am I in for a very unpleasant and expensive ordeal to get my money? Also what fico and credit score should the buyer have for me to feel confident in their ability to pay?
akomit

[Steve Babiak]

Originally posted by Arnold Komitzky:

...
Of course my concern is if the new owner defaults, am I in for a very unpleasant and expensive ordeal to get my money?
...

You might never get your money - you might have to take the house back.

Originally posted by Arnold Komitzky:

...
Also what fico and credit score should the buyer have for me to feel confident in their ability to pay?
...

Think of it this way. If the buyer had good FICO / credit score, then they could get a bank loan. So why is it that they aren't getting a bank loan? (Maybe not enough of a down payment, but then don't you think they should give you a decent down payment if you finance them)?

Give some more details so that you can get some comments from Bill Gulley ...