Posted on: 30th Oct, 2010 07:26 am
My son wants to buy our home we owe nothing on it they do not qualify for a bank loan how do I sell to him but protect my interest. This home was to be our retirement money.
Hi puppeep,
Welcome to mortgage fit,
It is really a tough situation you are going through because it is related to emotions.But I will still advice you to sell it to your son as 'seller's financing' route.Where seller finances the deal and in return he gets money on monthly basis with interest attached to it.Make a professional agreement with your son that he ought to pay you down-payment within stipulated time and then he can go ahead with installments.
Just make sure you follow all the professional safeguards which are generally taken by professional private lenders.I will advice you take an ttorney's help in order to reduce the unnecessary friction between family members.
Let your son realizes that during old age his parents only have home as their assets.if he is buying it from them then he is financially obliged for the old age money of his parents.
Feel free to ask any further query if you have..........
DIPA
Welcome to mortgage fit,
It is really a tough situation you are going through because it is related to emotions.But I will still advice you to sell it to your son as 'seller's financing' route.Where seller finances the deal and in return he gets money on monthly basis with interest attached to it.Make a professional agreement with your son that he ought to pay you down-payment within stipulated time and then he can go ahead with installments.
Just make sure you follow all the professional safeguards which are generally taken by professional private lenders.I will advice you take an ttorney's help in order to reduce the unnecessary friction between family members.
Let your son realizes that during old age his parents only have home as their assets.if he is buying it from them then he is financially obliged for the old age money of his parents.
Feel free to ask any further query if you have..........
DIPA