i am selling my home. i have a buyer who would like to do a lease option.
i owe $191,000 on an interest only, PITI = $1,438.
selling for $207,000
buyer has $20,000 to put down… possibly a bit more.
how do i structure this so we’re both covered. i dont’ want to put myself in a bad position once he is able to obtain traditional financing.
i’m thinking i take what i have coming equity wise ($16,000) and put the other $4,000 to knock my principle down to the $187,000 which is what the buyer will now owe me. or are there other fees that i should collect up front?
i want to set up a bank account that the buyer can deposit his monthly payments into and then have my payment debited out. that way he knows i’m paying my end and he’s not getting screwed. is this a good way to go about it?
i’ve never done a deal like this so i need some advice. thank you in advance.