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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
... [Read Article]
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