owner carry
My family here in California are selling 4 acres that have been split into 4 lots but I can not get a loan due to 4 lots and 3 are just land so I was told I need to get 4 different loans if I want to sell three of the lots. I cant get 4 loans..lol
So my family has said they would be willing to take X amount of dollars in cash and carry the rest. I talked to one lender and he said it would need to be done with a quick claim deed and a forbearance agreement that I pay X amount today and in 12 months pay the remaining amount due, when I sell the land or the family member can keep the X amount and take the property back.
I am trying to find some information on this and if its possible. I am just not sure who i need to contact about this as in title and escrow companies or real estate attorney. It seems pretty straight forward but....
thank you for any help or suggestions you may have…..