cash buyer to seller financing?

[Account Closed]

im not sure on how owner financing works.

in order to seller finance do you have to own the property outright? no mortgage can be left?

so if i wanted to purchase a property and then seller finance it back the next week does that mean i would need all cash to purchase the home? meaning i would need someone who is wealthy and wouldnt mind a ROI on something like that? (what is typical ROI?)

example :  this guys credit is hurt. he needs to sell the house to get his wifes name off the mortgage but he cant because of a business problem which is all resolved now.  he wants to sell the house but he still wants to live in the house.

my solution

i buy the house. and give him first right of refusal for a year or two while he pays rent in that time frame until he can take out a loan and buy the house back.

the problem

i get my money from a lender who wouldnt do something like that because they only lend for rehab purposes

[Brian Gibbons]

You have to be careful about buy back or sale then lease back issues, FBI and Attorney General's Office do not like them, there have been many fraudulent cases with sale lease backs.

See

http://ag.nv.gov/About/Criminal_Justice/Mortgage_F...

Find him another house to "rent" , help him with his credit, 

See www.UpGrageMyCredit.com

get into a savings program,

then maybe in a year get an option to buy that rental property.