We are renting property, and the tenants want to purchase the property, with owner financing. We haven't checked their credit report yet...but was wondering, If they happen to bankrupt, would we lose the property, or could we take it back?
And...what is a good interest rate...the banks wanted 9.0% apparently their credit isnt the best....so just wondering what a good rate would be.
And we are getting a lawyer to write the agreement, but just wanting some information....thanks
Tenants may go for owner finance - What if they go bankrupt?