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Selling to Tenant |
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I have a home in Ga. that i rented out a few months ago with a agent from that area , the renter wants to purchase the house and wants me to finance it for him! I have the property financed myself so how could i possibly finance it unless i charge him more of a rate than i presently pay? And i think I should get a down payment just in case they decide not to pay after the fact Is this legal? |
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If you sell the property, your mortgage lender will have the right to call in your whole loan immediately. Doesn't sound as if that would work out very well.
You're right in thinking that a substantial down payment offers some safety when you take back a mortgage. But beyond that, you'd want to see a good credit report on the tenant.
Better go easy on the whole idea. |
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Edith
Originally published on April 14, 2008 |
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