Why offer seller financing when you sell? A higher price, a good return on your money, a faster sale and to sell a property that is otherwise difficult to sell. Some good reasons, but how do you do it safely?
1. Get a large downpayment. The most obvious way to be safe, and not always possible.
2. Get other security. If they want it with little down, and you like the return you’ll get, make it safe by putting a mortgage on other property the buyer owns, to be released when they’ve paid down the balance to a certain level.
3. Check their credit. Have them pay for and bring you a credit report. Bad credit may be okay, but type of bad credit is important. Unpaid hospital bills they’re disputing are not as relevant as unpaid loans.
4. Trust your instincts. If you are usually right about people, give some weight to your judgement of their character. I’d trust a man who felt morally obliged to pay his debts over a playboy that happens to have decent income at the moment.
5. Consider the whole picture. Suppose a bank will loan 90%, and is okay with you taking back a $5,000 second mortgage, allowing the buyer to get in...
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