Seller Carry Back (mortgage, mortgage, property, lawyer)

[poptartsforme]

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[SXMGirl]

You need a real estate attorney.

[rjrcm]

Sounds more like you are talking about having the buyer assume your mortgage, not a carry back. You need to check the terms of your loan agreement, but it's likely not assumable unless FHA or VA. Your lender may have the right to require the loan be paid in full immediately if they find out you have transferred ownership of the home.

As said, suggest you discuss with an attorney.

[rjrcm]

Originally Posted by poptartsforme

realtor has brought a buyer to me, whom she knew through past business transactions. Realtor says that the buyer has successful business with substancial funds in the bank, but the buyer is going through the FHA loan instead of the conventional.

I was thinking of doing the seller carry back until I talked to a lawyer who said it wasn't a good idea. When I informed the realtor that I wanted to do the conventional sell, the realtor was pretty fired up about it.

I don't feel comfortable.

OK, now I'm confused. If you have an FHA loan, then your buyer can assume it if they qualify.

[rjrcm]

A seller carry back is best done if you have either already paid off your mortgage, or can pay it off with the down payment funds from the buyer, and carry the rest. You will have to decide if you are willing to take on the risk of a carry back (acting as a lender), which is best discussed with your lawyer.

[chicagojlo]

Drop your realtor.

They are asking you to transfer ownership of the property, but keep the mortgage in your name? No thanks.

Offer the buyer rent to own, with $35k as non-refundable DP.

[NotAPrincess]

Is the realtor your realtor? Or is she a buyer's agent? If she's your realtor, I'd fire her asap. She has no right or reason to get "fired up" by you not wanting to enter into such an arrangement.