Hello everyone,
I'm needing to sell my house as I am moving, I've got a couple that want to buy, husband is a former co-worker I've known for several years. They have decent credit buy cannot qualify under current conditions. He has been on his job for 5 years and current residence for 9. They are losing their rental due to landlord death and heirs selling the home.
I am interested in providing the financing because it gets me out from under the house (which I own free and clear) and provides me a monthly income for the duration.
Particulars:
Sale price: 45,000 (appraisal results due Friday but I've been researching comps and feel this is very close)
Location: S.E. Texas
Initial down: 10,000 with another lump sum of 5,000 available in March 2014
Their current rent is 900 + utilities.
My questions:
What sort of contract is best for this (and ME)
Approximately what interest rate would be appropriate?
Who becomes responsible for the taxes? Seems like it's included in the payment and thus I am but not sure.
Who becomes responsible for property insurance? This is my main concern as the house is very much in hurricane country and I don't want to be up nights during the season wondering if the house is gonna get wiped out. If that happens I want it to be the BUYERS problem and not mine.
Proper structure of the deal in case I decide to sell the note later?
Thank you for your help and time.
