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bgina77 · Joined: 15 Oct 2008 Posts: 8 7.21 Dollars($)

I'm agreeing to carry for 3 years no interest charged. They must get their own financing in 3 years to pay the balance off. What happenes if they can't get their own home loan?
What about the principal they have paid the last 3 years?

I just keep looking at the interest I'm paying on the house we live in now. 645.00 going to interest and only 151.00 going to our principal.
Even making double house payments is not going to knock this down very fast.

jameshogg · Posted: Wed Oct 15, 2008 10:11 pm Post subject:

Hi bgina!

The buyers will have to leave the house if they do not get the home loan. You should sign a contract with them stating this clause. You can consult an attorney and sign a contract with the buyer with terms and conditions in place so that the buyers pay you the money.

Thanks.

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owner will carry question