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  #1  
Old 03-01-2011, 12:17 PM
squeaky squeaky is offline
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Join Date: Feb 2011
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Default Need advice on DIY selling/financing a house

I have a piece of property I want to get rid of. I am considering owner financing. I don't want to get stuck with squatters though, and I understand that if I do it could cost me at least 5k and up to 6 mo. to remove them. I'm trying to figure out the best way to get rid of it balancing out cost , profit and effort involved.

Does anyone here have any experience on owner financing a house? Is a background check on the prospective buyer done? What can I expect the attorney fees to be selling this way? What qualities denote a goood buyer versus a bad buyer?
The property is free and clear, yet to sell it I'm told I'll still need to do a title search.
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  #2  
Old 03-01-2011, 01:54 PM
Aamylf Aamylf is offline
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Location: SW FL
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I've carried a mortgage and never had a problem. I used a title company as my closing company (they do it all in FL). I did a credit check, but mostly it was that I believed the people. I know that sounds stuipid when I write it, but I trusted them. I had a short mortgage -- 5 years -- and they were fine.

I have also bought several pieces of property with owner carrying and always paid and never had an issue.
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Old 03-01-2011, 02:13 PM
squeaky squeaky is offline
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Thank you Aamylf !

You trusting them dos not sound stupid to me at all! I just squashed a deal on a prospective buyer because I had a very bad feeling about it/her, not to mention her ever changing information. I spoke with a paralegal friend who told me about squatters and that scared the bejeebers out of me. She also had a bad feeling about the gal. I'm confident that I made the right decision this time but in the future who knows? I am not aware of the pitfalls in doing this type of business. I'll look into title companys here and see what I can work out.
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Old 03-01-2011, 02:54 PM
grumble Male grumble is offline
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I agree with Amy. It ain't hard to do, and can work to the advantage of both parties. Just be sure to get a large enough down payment to finance the eviction if that becomes necessary. Have the buyer pay most of the closing costs, like the title insurance, inspections, credit report fee, etc.
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Old 03-01-2011, 03:08 PM
squeaky squeaky is offline
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Thanks grumble. Good advice.
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Old 04-06-2011, 10:15 PM
stickbowhntr Male stickbowhntr is offline
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Tell me more on the squatters sittuations. I maybe selling my Moms house soon and need to check into all this.
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  #7  
Old 04-11-2011, 07:35 PM
str8sh00ter str8sh00ter is offline
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Location: East Central MN
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You could do worse than advertising here, many good people in the forum. Heck where is the property, I myself am always looking for good property.
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