Updated almost 10 years ago on . Most recent reply
philadelphia based. are my interested secured
tenant in my property wants to buy my property. he is trying traditional FHA loans and if that fails he wants me to be the bank. i own the home free and clear. i bought for 15k five years ago. its been rented since i closed 5 years ago. he has been the tenant since i closed (i bought home from his father)...
they hypothetical set up is as follows:
sale price - 37k
down payment from buyer (tenant) - 10k
monthly payment 450
term 60 months.
all this will be down up with legal counsel of course, closed officially and record the mortgage with the county. everything will be set up as i am the 1st lien holder/bank? in the event the buyer defaults of stops paying for 5 months and im forced to begin foreclosure proceedings, what should i expect...
i know its a long drawn out process.
i know it can be expensive (possibly how much worst case scenario) but in the end, i will have the first lien against the home and my interest are secured?