Posted by JSG (IN) on February 28, 2003 at 18:44:27:
I would first check your contract to see if you are allowed to sell or rent your place. I sell quite a few houses on land contract and do not allow my buyers to rent or sell on contract while they still have their contract with me.
With that being said, the only comment I have is to make sure that their payoff date is sooner than your 5 yr balloon and that their payments are higher than your payments.
I had just bought a house on a land contract for $68,000; $4000 down, 8% interest, and a 5 yr balloon. My intent was to sell via L/O but someone offered to purchase from me on a land contract with 10% down. I need advice on which way to go and how I should structure the terms if I do sell via land contract.
Thanks,
Dan