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Old 05-27-2008, 11:25 AM
 
78 posts, read 200,280 times
Reputation: 21

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I am selling my home and moving out of state. I had a couple look at my home that I know from church. They want it but had not been preapproved. They put in for financing and put their home on the market the next day. They are waiting to hear from the underwriter. Once they are approved for the loan they want to put a contract in for my house at full asking price but need the money from their home for a downpayment. Their agent that they put are working with in sell their home suggested that they ask me to finance the downpayment until they sell their home then they would be able to pay the loan in full. I am selling FSBO. Does anyone know how seller financing work and is it safe even for a short time?
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Old 05-27-2008, 05:57 PM
 
20 posts, read 67,476 times
Reputation: 15
you really need to talk to a real estate attorney.
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Old 05-28-2008, 05:45 AM
 
Location: Williamsburg
1,154 posts, read 3,346,455 times
Reputation: 361
Most lenders will require that the buyer have a minumum amount of money in the transaction. See if the lender will allow it.
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