Posted on: 19th Feb, 2009 06:48 pm
I have paid off my own home and have no mortgage. Can I sell my home to someone and act as a mortgage company myself?
Hi schinzelly,
As your house is paid in full, you can definitely sell your property to someone and act as a lender yourself. But while doing so, you should sign a proper agreement with the buyer. You can contact an attorney who will help you in drafting the agreement. The terms and conditions mentioned in the agreement will protect your interest as well as the buyer's interest.
Thanks
As your house is paid in full, you can definitely sell your property to someone and act as a lender yourself. But while doing so, you should sign a proper agreement with the buyer. You can contact an attorney who will help you in drafting the agreement. The terms and conditions mentioned in the agreement will protect your interest as well as the buyer's interest.
Thanks
yes, you can be a lender, but be certain you enter into any such agreement with both eyes open and a good understanding of what it is you're getting into. james hogg has noted that an attorney can draw up your legal documents, but even more important is to have legal advice as to how to structure this deal in such a way that you're protected.
