The Manufactured Housing Forums

We have found a buyer that we trust. He has good credit but not enough to qualify for a loan. We owe approximately $39k on our loan.

Our buyer wants us to owner-carry him. My question is, what forms do we need to have to complete this transaction but still give us some protection? Would it be a Promissory Note and Bill of Sale? Is it possible to contact the our loan holder to see if we could qualify our buyer to take over our loan?

We have no experience with this type of thing and I have been searching for someone to answer some of our questions. I would be greatful for any help.

Thanks

Your primary obligation in this transaction is to look out for YOU. Despite the "trust" that has been established, are you willing to give your home to this person for less than you're asking? Bottom line is, nice as they are, you gotta protect YOU. There is a reason this buyer cannot qualify for the amount you are asking is.......THEY CAN'T AFFORD IT! If the buyer can't come up with the entire sale amount, please do both of you a favor and decline going to extremes that will only short change YOU in the end.

LiLo