I’ve always bought homes and rented them out, but amazingly have never sold a home - myself or with the help of an agent. I decided to put two of my homes on the market last week, FSBO, with owner financing available.
I’ve gotten several calls in the few days I’ve had it listed, but only one person has been interested to the point of wanting to set up an appointment. I have a meeting with her tonight at one of the homes. Over the phone, she admitted the “owner financing” part is why she was interested and wanted further explanation of what all it entailed. I used te best layman’s terms I could in describing how I could sell it to her either as a single loan to me (basically, a wrap, but I didn’t tell her that) or she could get conventional financing for most and I could take back a second. She said she was interested in the first option and then said if I could sell it to her on a Rent-to-Own basis. I’m in Texas, so their new law makes it difficult to do L/O’s, but I told her that it could be a possibility, but I would have to get back to her on it.
The bigger “problem”, though, is the fact she said she is currently renting now and the lease won’t end until January. For all I know, she sees the house tonight and hates it, which would make all this mute, but I was wondering how I could structure such an agreement so she could get the house in two months? I was thinking maybe she could put down some upfront, non-refundable, consideration to basically hold the property for two months, which would be enough for me to pay my loan during that time. Therefore, the only think I would really be losing is time, but during this time of the year, it may actually be worth it.
I know the info is sketchy, but let’s say she wants the house, what options would you consider for the deal to happen?