Trying to sell property but it is difficult getting a mortgage right now. Alot of lenders are not making new loans or refinancing right now...
2007-12-03 01:59:51 · 1 answers · asked by carolcoleman123 1 in Business & Finance ➔ Renting & Real Estate
Consider carefully whether you want to sell under such a situation. Remember that you are playing 'bank', and that you may well have to foreclose if the buyers default. I suspect that these buyers do not qualify for a conventional mortgage, so that should tell you something about their financial wherewithall. Should they trash the premises, you get what you get.
If you still want to go ahead, do NOT try to do this paperwork on your own. You need professional legal representation to insure that you are covered properly in the contract.
2007-12-03 02:39:46 · answer #1 · answered by acermill 7 · 0⤊ 0⤋