I own a few properties in Memphis and am currently listing them for sale, one of the properties has had the same tenants in it for 15yr and they have always paid on time. The house is valued at less than what a bank would loan. I am considering a 5yr seller finance at 6% with insurance and taxes included their payment would actual be about $10 cheaper than their rent.
It seems that I would have less responsibility from maintenance and management fees and could actually net more, and a family that probably never thought they could own a house can become home owners.
Contract would be written up by a lawyer and the loan secured by the property.
Question?: Is this a win-win situation or is there other aspects that I'm completely not seeing or considering? Does this seem like a fair deal to the tenants? To me?
