what are some of the risk of owner financing? are there any good points in owner financing? and what do you do if the buyer stops making payments?
The reason I’m asking this is my husband and I own a manufactured home in Pflugerville Texas that was bought 4 1/2 years ago for my mother to live in until she died. Well in June 2004,on fathers day, she called to tell me she would be moved out by the end of the month. We had a lease contract with her that required a 30 day notice, which we never got . While she lived there all we asked her to pay was the lot rent and utilities, and she moved out a month behind on the lot rent which we had to pay. Needless to say she trashed the home and it cost us around $5000.00 in repairs and 4 months of our time to do the repairs. The repairs where due to neglect and abuse of the house. I no longer speak with my mother.
We have done all the repairs and put the home on the market through the park. It’s a small 2 bedroom so it’s been hard to sell. We have someone interested in buying the home but he is unable to get a loan and is asking about owner finance. Does anyone know anything about owner financing? I’ve search the net and I can’t even find any kind of contract. We’ve never done anything like this so we are concerned. We don’t wanted to get “screwed” on this deal. Any advise or suggestions would be most helpful.
thank you for your time.