How can I inhouse finance a house to a couple?
I have a house that I want to sell, There is a couple how seems to be very interested in the house but they want to do inhouse finance rather then going through the bank because of their credit. Any suggestion please and how does the inhouse finance really work?
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Answer by realtor.sailor
First, you can't have an existing mortgage on your house. If you were to sell subject to your mortgage, title would have changed and your mortgagee can call the loan due. Presuming you don't have a mortgage seller financing the easy as long as you enlist the aid of an attorney. You will need an attorney to prepare the purchase money first mortgage and note. I don't recommend 100% seller financing, so get a down payment. With seller financing, you can demand a higher interest rate and not just because of their credit, but the buyer is saving other costs; appraisal, loan application and points. I would also suggest that while you amortize the loan over 30 years, it should balloon in 10 years or less. You don't want to wait forever for your month.
realtor.sailor
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USAID Administrator Dr. Rajiv shah and Finance Minister Shaikh open photo exhibit at PNCA
Image by U.S. Embassy Pakistan
Dr. Rajiv Shah, Administrator of the U.S. Agency for International Development or (USAID) and Pakistan's Finance Minister Hafeez Shaikh inaugurated today a photo exhibition celebrating more than five decades of cooperation between the United States and Pakistan in supporting a more prosperous future for the people of Pakistan. The exhibition will be open at the Pakistan National Council of the Arts (PNCA) through April 17.
Orignal From: How can I inhouse finance a house to a couple? and USAID Administrator Dr. Rajiv shah and Finance Minister Shaikh open photo exhibit at PNCA
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