Selling and creative financing

[Jeffrey Johnson]

I am really new to real estate and needa little advice on how to do some creative financing with one property that I own.

The home that I have been trying to sell for around 170k. After being on the market for almost a year I decided to rent it out for a while to let the market get a little better in my area. The home is paid for so I don't have any mortgage to worry about. The renters now are paying 750 a month in rent and would like to by the house. They are approved for only 150K from the bank. I want to try and make a deal that will allow me to get as much as possible down, 100k to 120K would be a good range. I also want to make sure that they are able to make ends meet as well.

Is is possible for them to get a conventional loan for say 110 or 120 and have the rest covered in a contract for dead or some other type of agreement? And if so, how am I protected so that if they were to default on the contract I would be able to take action?

What other types off agreements could I do to make this work?

Thanks for any help you can provide.