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Updated about 2 years ago, 12/24/2022
Sell an owner financing contract when you're the buyer?
Hi guys I currently have a 43.34 acre lot of land (technically it's two parcels) that I've been paying $429.46 per month for since January of 2021 and I also put a down payment of $3,674.00 on it. The agreed-upon price was $35,000 (with 7% interest added for doing owner financing) and the final payment will be made in January of 2029. Unfortunately I have run into some financial difficulties recently and I'm trying to figure out if there's a way to sell this contract to someone else to recoup the money I've already paid into it and get rid of the monthly payments? I listened to a real estate audiobook where the author did something similar - he was in an owner financing contract and if I recall correctly, he signed a separate agreement with another individual so that their payments covered his monthly payments.
Really appreciate any feedback on this idea. I would prefer to avoid losing all of the money I've already put into this parcel if possible.