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Updated almost 8 years ago,
Selling a house via owner financing - what should I ask buyers?
Hello BP,
I am selling a house via owner financing, and I am wondering what information I should get from them before taking their down payment and closing the deal. Other than where they work and what their monthly income is, I am not sure what to ask.
Should I do a credit check? I am receiving $6,000 down on a house in Arkansas. And for my area that's quite a bit of money. I don't have to go through foreclosure if they default. I can evict, and it takes roughly 15 days in total to get them out. I figure someone interested in owner financing likely doesn't have great credit, and $6,000 should cover me for ~45 days, right? (1 month + 15 days to evict)
Thank you much!