I want to sell rental property to renter. Home is own out right how do I sell this property without realtor?
May 20th, 2011 | by admin |I currently own out right rental property. I want to sell to the renter without using a realtor. The renter does not have good credit. I want to draw up some type of contract where the monthly payments are paid directly to me. Do I need to contact a real estate attorney as well? Thank you
Yes. Rent to own deals almost always go sour because of an unforseen circumstance that someone made worse by trying to do a contract for themselves.
he does the contract, the note, arranges for the deed transfer, records the land contract if that is done in your state, covers death and default issues, tax and insurance payments, mortgage defaults, foreclosures while the agreement is in effect….
6 Responses to “I want to sell rental property to renter. Home is own out right how do I sell this property without realtor?”
By Dave on May 20, 2011 | Reply
Yes, you DEFINITELY need to use an attorney. Is this to be a cash sale? If you are providing seller financing, beware of the risk you’re taking. If the buyer defaults, you will have to assume all the legal costs of foreclosing on the property.
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By Frank on May 20, 2011 | Reply
You need to hire a real estate attorney. You do not need a real estate agent (realtor).
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By wizjp on May 20, 2011 | Reply
Yes. Rent to own deals almost always go sour because of an unforseen circumstance that someone made worse by trying to do a contract for themselves.
he does the contract, the note, arranges for the deed transfer, records the land contract if that is done in your state, covers death and default issues, tax and insurance payments, mortgage defaults, foreclosures while the agreement is in effect….
References :
By the kid on May 20, 2011 | Reply
You need an attorney, yes.
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By sweetmama on May 20, 2011 | Reply
use a lawyer– wont cost too much.
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realtor
By Desiree on May 20, 2011 | Reply
Use a real estate lawyer and do an owner carry contract so that you act as the bank and receive the principal and interest (you set a fair interest amount). Hold on to the deed until it is paid off. If they default for more than X days you keep the house.
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