Realtor · Houston, TX · Member since 2018 · 24 posts · 11 votes
I am considering selling my home in Texas using a wrap-around mortgage. Does anyone here have personal experience with this type of transaction and can connect me with their real estate attorney?
I would greatly appreciate some insights and guidance as my renters are interested in purchasing the property. Thank you!
I'm trying to do the same in corpus christi. I am trying to figure out the terms i would need to give to cashflow. look up Propelio TV on youtube. The guy Grant is an owner finance genius. Tons of info there.
Make sure you explain to them that the bank could call the loan due. At that time they would lose all their payments/equity and the property unless they could get a loan FAST. If this is being down to an owner occupant be super careful in the age of homeowner protections. I don’t know if dad-frank or anything like it would kick in. But I wouldn’t want to be on your side in court against the family losing their home.
I assume they wouldn’t qualify for a loan today or even in several years as you’re not doing an out right sale or an option to buy in the future? And well above market price and interest rate to justify the added risk/delayed recapture of capital.