selling a home

[mmorales324]

What is the name of your state?What is the name of your state?Texas
Me and myhusband have a house in another town we bought 3 years ago and are renting it out? The tenants we have rentingi t want to buy it. How would we go about it to owner finance, what is the % down and monthly pmts? Are they still entitled to pay the taxes and insurance on the home? Or is it easier to go through a real estate because we also still owe about 1/2 on the house because we gave such a big down payment.

[PghREA]

Owner financing - if you have no idea how the deal should be structured and who should be responsible to pay the property taxes - than you need professional help. An attorney would be a good place to start and you will need an accountant to help you properly report the income you receive on your tax returns.

Basically, in owner financing, you become the mortgagor. The amount of down payment and the percent of interest charged is negotiated between you and the buyer. I strongly suggest that you continue to pay the property taxes and collect the money needed for taxes from the mortgagee on a monthly basis.

[HomeGuru]

Originally Posted by mmorales324

What is the name of your state?What is the name of your state?Texas
Me and myhusband have a house in another town we bought 3 years ago and are renting it out? The tenants we have rentingi t want to buy it. How would we go about it to owner finance, what is the % down and monthly pmts? Are they still entitled to pay the taxes and insurance on the home? Or is it easier to go through a real estate because we also still owe about 1/2 on the house because we gave such a big down payment.

**A: better to sell it via cash to new mortgage to a party that can afford to buy the home without owner financing.

[BradleyS]

You can also use the services from a title/escrow company for purchase contracts and escrow services......that way**************the buyer pays the escrow company and then they cut you a check......a great way to keep records....