When you do that your are required to comply with all the federal regulations whether you've funded 1 loan or a million. You become a mortgage lender.
If you decide to do that check the buyer out. Full credit and back round checks. Huge down payment so the buyer has some incentive to keep his end of the deal.
Search the archives for horror stories and get a contract that protects you. Stories like: buyer buys property on contract, logs it, strip mines it, creates a garbage dump, dumps radioactive waste, etc,etc, etc, and then disappears leaving you with worthless property at best and responsible for cleanup and lawsuits at worst.
Local true story involves guy buying a property and hauls in over 1000 yards of dirt and fills in a low lying area on his property. This created a huge drainage problem for the subdivision upstream. Flooding and lawsuits followed. Buyer quit making payments, bank foreclosed, subdivision ended up paying 40K to have drainage repaired and are now suing to get money back. County got involved, after that fact. No one complained, per the county, over the months it took him to haul and spread the dirt.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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