Wanted: Owner finance education

[bighat]

 Howdy-

 I'm considering owner financing one of my houses. Yet, the more I read - the less I understand.  ???

How can I do this right? I know  the title company  can handle the transaction, but I'll still be uneducated. I want to know the best and safest ways.

Should I actually file a Warranty deed with vendor's lien, or just keep a signed contract for deed locked up in my safe?

However, without filing a deed of trust- what are my options if the note is not paid?

Please advise me on any known pitfalls.

House is free and clear.

[tedjr]

Contract for deed is out. I did 30 or so a few years back and they were great. You gave a few weeks notice and if they did not pay you cancelled contract and filed an eviction. Some &^#$$%& took advantage of poor folks and the system as always happens. I have been told to use the standard warranty deed with deed of trust and note and transfer the property to the buyer. I have prepaired a lot of these for myself and helped others do their own too. I could help you for a few dollars if you need. You could also do the lease option deal but I believe I would  just sell it. If default all you do is send notice and post at courthouse and a nonjudicial foreclosure. I know it may be harder with HELOC  lenders and homesteads. Are there any other Homestead precautions that we should be aware of in default notices and foreclosures?

Happy Holidays and Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-587-6177 mobile