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 - Upgrading an Oliver Super 55 Electrical System - by Dennis Hawkins. My old Oliver Super 55 has been just sitting and rusting for several years now. I really hate to see a good tractor being treated that way, but not being able to start it without a 30 minute point filing ritual every time contributed to its demise. If it would just start when I turn the key, then I would use it more often. In addition to a bad case of old age, most of the tractor's original electrical system was simply too unreliable to keep. The main focus of this page is to show how I upgr
... [Read Article]
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