LandInvestors.com Forums **Ask A Question** Seller finance

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  • #20706

    Steve
    Participant
    Post count: 1

    We bought .25 acres here in Texas for $6000. Went thru a title company so we have a survey etc. Selling for $23k. Someone wants to put $5000 down cash, not using a title company, start building on it right away, and make monthly payments. We would not deed the property to the buyer until it is paid in full. Is this a good idea? What if they default on the Owner Finance Agreement? I remember something in Texas about domicile or homestead protections for the buyer if they stop paying, basically squatting on your property. Any and all suggestions/ideas are greatly appreciated!

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  • Rod Hall
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    Post count: 273
    Pro

    Are they borrowing to build? Seems to me a lender would want to pay off your note to do a construction loan or put you in second position. I personally would never agree to that. There has got to be a way though. Keep us informed.

    Marcus
    Participant
    Post count: 117
    Pro

    I’m curious how this plays out, a lawyer is probably the best person to contact.

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