Has anyone done for sale by owner on a property??

[Hogwild84]

My Dad passed away last year, he owned a 1/4 acre lot in Harris county with a newer single wide trailer. Not a great part of town, but a pretty nice place with a new deck, wheel chair ramp and a new septic system. My brother and I are wanting to do a cash sale (I don't think lenders will loan much on a mobile home), but if we are unsuccessful, we may consider doing a for sale by owner option, with a healthy down payment and interest on the loan.

My question is, has anyone on here done something similar to this? I ordered some for sale by owner signs, but I was curious how the contracts go and what are typical interest rates you would charge someone? I plan to reach out to an attorney at some point but figured I'd throw it on the green screen for input. Thanks.

[SB09]

My Dad passed away last year, he owned a 1/4 acre lot in Harris county with a newer single wide trailer. Not a great part of town, but a pretty nice place with a new deck, wheel chair ramp and a new septic system. My brother and I are wanting to do a cash sale (I don't think lenders will loan much on a mobile home), but if we are unsuccessful, we may consider doing a for sale by owner option, with a healthy down payment and interest on the loan.



My question is, has anyone on here done something similar to this? I ordered some for sale by owner signs, but I was curious how the contracts go and what are typical interest rates you would charge someone? I plan to reach out to an attorney at some point but figured I'd throw it on the green screen for input. Thanks.

Yes, but fortunately for us it was involving a commercial lender for a bank in Dallas. He knew all the ins and outs. Best advice I’ll give is that if you go this route is to pay a real estate attorney to write up the contract.

It’s been a heck of a deal for us. We were able to purchase a much better, larger piece of property and basically use the owner financing on the other property to pay for it.


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[DFWPI]

If it were me, and I was going that route, I would consult an attorney that specializes in Real Estate. After 60-years on this earth, I have seen people take internet advice regarding criminal matters (former LEO and still have a PI license and do some criminal defense work), and for past 3-years as a Realtor, and the person giving the advice has nothing to lose but the person taking the advice gets screwed over. But this is all just my opinion.

[Landrover]

My Dad passed away last year, he owned a 1/4 acre lot in Harris county with a newer single wide trailer. Not a great part of town, but a pretty nice place with a new deck, wheel chair ramp and a new septic system. My brother and I are wanting to do a cash sale (I don't think lenders will loan much on a mobile home), but if we are unsuccessful, we may consider doing a for sale by owner option, with a healthy down payment and interest on the loan.



My question is, has anyone on here done something similar to this? I ordered some for sale by owner signs, but I was curious how the contracts go and what are typical interest rates you would charge someone? I plan to reach out to an attorney at some point but figured I'd throw it on the green screen for input. Thanks.

Sorry, No insight on that process. Do you have a listing for the property?

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[Hogwild84]

If it were me, and I was going that route, I would consult an attorney that specializes in Real Estate. After 60-years on this earth, I have seen people take internet advice regarding criminal matters (former LEO and still have a PI license and do some criminal defense work), and for past 3-years as a Realtor, and the person giving the advice has nothing to lose but the person taking the advice gets screwed over. But this is all just my opinion.

Thanks for the input, and I do agree. I was just kinda getting a feel if someone has been in this position and kinda where to start. Thanks again for your input.

[Hogwild84]

Sorry, No insight on that process. Do you have a listing for the property?

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Not yet. We are working on getting it cleaned up and we are going to get good pictures. Looks like we will be reaching out to a real estate attorney soon for some direction on this.

[TildenHunter]

I sold my last house myself. The buyer had an agent so she pretty much did all the paperwork. I paid her 3% but saved myself 3%. It was well worth the headache. Re: Owner Financing, I have never done that. Luckily my buyer was 9 months pregnant and paid cash!

[kparker158]

Just require your buyer to have an agent. Title company will take care of paperwork.

[glpoe1]

If it were me, and I was going that route, I would consult an attorney that specializes in Real Estate. After 60-years on this earth, I have seen people take internet advice regarding criminal matters (former LEO and still have a PI license and do some criminal defense work), and for past 3-years as a Realtor, and the person giving the advice has nothing to lose but the person taking the advice gets screwed over. But this is all just my opinion.

After my Mother passed away we sold her house ourselves and the first and easiest thing to do is hire an attorney. They know what to do and can and will guide you through the process. I would try a cash sale first then if no takers go with self financing. Best of luck and get a attorney.

[PassnItOn]

Sold my house by myself, title company is your friend. Easy and no issues. I'd reach out to one and discuss. No attorney involved.

[batmaninja]

I ordered some for sale by owner signs, but I was curious how the contracts go

TREC and TAR have standard promulgated contracts, you could also pay an attorney to draft a contract. I want to say you can still put debt on the land/lot but financing the mobile home will be difficult.

PM me where the deal is located. I have some folks looking for rental/investment deals.

[2B4Him]

On a mobile home, I would suggest considering a 'contract for sale' rather than a typical sale with a deed of trust. With a 'contract for sale', they don't own the property until fully paid and default is easier to deal with than foreclosing on a deed of trust.

[Throwin Darts]

Unless the dollars are real big, which I doubt on a 1/4 acre and mobile home, I’d just sell the dang thing and not seller finance due to the PITA factor not being worth it. I’d put it in the life’s too short category

[The Crippler]

Sold my house by myself, title company is your friend. Easy and no issues. I'd reach out to one and discuss. No attorney involved.

Of course there was, he or she just didn't represent you.

[The Crippler]

On a mobile home, I would suggest considering a 'contract for sale' rather than a typical sale with a deed of trust. With a 'contract for sale', they don't own the property until fully paid and default is easier to deal with than foreclosing on a deed of trust.

I would advise against a contract for sale, way to many moving parts that can get you into trouble, especially for the Seller. Non-judicial foreclosure is pretty easy.

OP, I'm glad you are going to get advice from an attorney, it's a lot easier to do it the right way first instead of trying to fix mistakes later.