Just read your post. I am quite curious as to what you decieded to do. Now, have you thought of how you were going to treat the interest income if you are using a note and mortgage? Is he planning on deducting his portion of the interest expense? This topic has come up many times in the past and most “vote” no. Others have suggested hiring attorneys to cover liability in the negotiations but even that had issues. There are principles involved here too. Were you a “motivated seller?” Is this the most qualified buyer around? I remember a “pandoras box” being opened on the last discussion. Try a search on the main board. It was certainly interesting.
Owner Finance Illegal Immigrant? - Posted by Jeff TX
Posted by Jeff TX on February 16, 2004 at 21:05:40:
Is there any reason not to sell to an illegal immigrant on owner financing?
In this case the buyer has been in the country for 12 years, has other family here, has a long job history with one company, and good rental references. He also has 8% to put down on a house that I really need to sell.
He is not a citizen, does not have a Social Security #, or have a work visa.
My mortgage broker explained to me that he won’t be able to get refinanced unless he is legal, so I shouldn’t use a balloon note.
If I can verify his income and references is there any reason not accept his offer?
By the way, he does not speak English, and I am negotiating through his Aunt.