Seller financing

[Administrator]

I have a home I have been renting for the last 6 years and have not had great luck with renters. I inherited the house and it is paid for. I am tiring of being a landlord. The current renter has paid the rent on time for a year and is now asking to buy it with me providing the financing (owner financing). He is very motivated to buy it but does not have a down payment as he will need all his cash for closing. The deal he has offered is a 15 year note that within the first 5 years he must seek out bank financing to pay me off. If after 5 years he still can't get bank financing he must sell the house and pay me off. At the 5 year mark he will have about $25,000 in equity and this should help with getting bank financing. He has bad credit and does not qaulify for financing. I need help putting together the paperwork. I called my Lawyer and he said there are lots of sites on the internet that can help me. HELP


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(Source: mortgagefit.com)