Owner Financing personal home in Texas, couple of questions.

[reignjoy]

Hello Everyone, I am a beginning investor and have a couple of questions since we are considering Owner Financing our own home in South Texas.

We currently have our home listed with a Realtor but are considering Owner Financing because it is looking like our best shot at actually finding a Buyer at our asking price.  We have an 80/20 loan and owe about $107K looking to sell it for $130K.

Our Realtor says that another Realtor may have a buyer but they would need Owner Financing and they are also that if there is a mortgage in place that they may not be the actual owner's of the property or that the due-on-sale/acceleration clause may be excercised?

So my question(s) are what would our options be?  Are we considering a wrap mortgage, contract for deed, or an installment contract, or some combination of them all?  And what other contracts or addendums should be involved with this type of Owner Financing transaction?  How do we make everyone comfortable with this "option" including myself?

I really appreciate you taking the time to read my FIRST post and look forward to any feedback you all are able to provide me.  Thank you in advance!

[herbster]

I bet I've said this 20 times but read the free e-book in the free books and audios section on the left. Owner Will Carry. Herbster

[Vapor]

it will not be exercised..... make sure you get a large enough down payment.