1. Get a huge downpayment. The most apparent way to possibly be safe, and not always possible.
2. Acquire other security. As long as they want it using little down, and also you like the return you will get, make it protected by putting a mortgage on other property you owns, to be released when they've paid down the total amount to a certain level.
3. Examine their credit. Ask them to pay for and bring you a credit survey. Bad credit can be okay, but form of bad credit is very important. Unpaid hospital expenses they're disputing aren't as relevant while unpaid loans.
several. Trust your instincts. If you are often right about men and women, give some weight in your judgement of the character. I'd trust a guy who felt morally obliged to spend his debts over the playboy that happens to own decent income at the moment.
5. Consider the full picture. Suppose the bank will mortgage 90%, and is okay to you taking back the $5, 000 next mortgage, allowing you to get in using what cash he provides. If you're having $6, 000 greater than you expected by simply accomodating the bidder's needs, where's the loss? You're okay when he never pays off the $5, 000, appropriate?
6. Talk into a lawyer. Maybe in the area it takes two years to obtain a foreclosure on a mortgage through the surfaces, and only half a year to foreclose on the "contract for purchase. " Knowing these things will help you sell in the particular safest way.
Offering seller financing makes it easier to sell, and to get a higher price. You need to be safe about the item. Have a property lawyer review your current paperwork, and utilize tips here.