Sell an owner financing contract when you're the buyer?

Sell an owner financing contract when you're the buyer?

Portland, OR · Member since 2016 · 108 posts · 33 votes

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. 

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  • Chris SeveneyBusiness Member
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    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Chris M.

    If the loan is assumable you could sell it that way or ask the lender if they will let someone assume the loan. I may be interested in the land so send me a pm

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  • Portland, OR · Member since 2016 · 108 posts · 33 votes
    3y
    Quote from @Chris Seveney:

    @Chris M.

    If the loan is assumable you could sell it that way or ask the lender if they will let someone assume the loan. I may be interested in the land so send me a pm


     Thanks, Chris, just sent you a "Connect" request which I guess is necessary before I can send you a PM on here. 

  • Investor · Member since 2022 · 55 posts · 13 votes
    3y

    I am land niche investor. I will take it as is. We have 5 million of land under contract and own 4 properties over 2 million at the moment that we are selling. Would love to provide a win-win scenario if we can.

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