Updated over 9 years ago on . Most recent reply
Seller Financing - Totally Inexperienced
My wife and I have had our personal home on the market in Savannah, GA. The buyer was pre-qualified, but the bank just declined them because one of them is a contract employee not salary.
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
@Matt Pritchard I just do a regular lease with a separate Option. The option outlines the purchase price and expiration. I usually charge about 3% in option consideration. Get it notarized.
Another way may be to have the lease and be under contract of sale with a title company for the 2 years or whatever if they'll allow it. The 3% could be earnest money. Maybe check with a title co about that? The earnest money would become yours (minus title work done) if she doesn't buy. @Brian Gibbons knows a lot more about delayed purchase agreements (and LOs) than I do! Maybe he'll have a sec to chime in as well. Thanks, B!