Need help on selling a property to a current tenant!!

[Travis McDaniel]

I have a property that I own outright...no mortgage. The tenant wants to buy and we have agreed on a sales price. I have directed him to some lenders but he is worried about his credit score. If he finds out that his credit is not good enough to get conventional financing, I was considering Lease Option(or Purchase) or maybe owner finance?? I have heard horror stories about having to foreclose on someone under Lease Option(or Purchase).

My goal is to sell the house quick as possible, cash in on big profit, and move on to the next deal. I know there are a ton of factors, but any input would be greatly appreciated!

[Brian Gibbons]

If you have a property in SC (Im guessing) I would:

1. Call my REIA in SC

http://www.biggerpockets.com/rei/real-estate-clubs/

2. Ask the president for a good seller financing attorney

3. Have the candidate see a RMLO (mortg loan originator), check on the ability to repay rule. See

http://www.realtor.org/news-releases/2013/11/top-lenders-forecast-housing-market-gains-despite-new-ability-to-repay-rules

4. if you choose the right seller financed buyer, i would not worry too much about foreclosure (e.g, a note and a mortgage - deed of trust).

5. If you are worried about foreclosure, do a lease purchase, charge 3% down, and create a sale and purchase agreement at the same time. It is like a delayed sale, but they are leasing first, for say 6 - 12 months.

No matter what, see a RMLO and an attorney..