Owner Financing - Posted by Trudy

Posted by Nick on July 25, 2001 at 06:53:17:

When you do the wrap go through the title company. Have the buyer sign a quit claim deed that will be escrowed. The title company will hold the quit claim deed in escrow. Have the terms of the mortgage state that if the buyers is 2mths or 3mths behind then the title company will issue the quit claim deed to you. Once the quit claim is issued to you the buyer becomes a tenant and you can simply do an eviction.

Hope this helps

Owner Financing - Posted by Trudy

Posted by Trudy on July 24, 2001 at 23:53:24:

I have a prospective buyer with $20,000 to put down on my home. Purchase price is $324,900. I pulled his credit today and his scores are in the 400’s. Not good. But I would like to sell him the home and do a wrap mortgage. What is the safest way to do this and not have to go through a hassle if he doesn’t pay?