REAL ESTATES FORUM

> We have a sales agreement on our home now. The young couple that is
> buying our home doesnt have much cash on hand. The sales price of
> our home has included closing costs for this buyer. Most likely
> making the sales price higher than the homes appraised value. The
> appraiser is coming next week to stick a value on the home.
>
> So I have a few suggestions tossed my way as to how we can make this a
> win, win for both us as the sellers and the young couple as the
> buyers. And that is to loan them some money to purchase the home
> (about $5000) and we will retain the title to the home. You know
> what? Just as I wrote that I realized this doesnt make much sense.
> I mean their bank will lend them, lets say $140,000 for this home and
> they will want the title. Ill loan them $5000, but I wont get
> anything will I?
>
> So anyway, what are the options of us to make this deal happen? Looks
> like the best we could do for the buyer is offer them a $5000 personal
> loan? But that leaves us pretty unprotected if they decide not to
> pay.

> Hello,
>
> I have an interesting question. Ive been searching on the internet
> for similar instances, but Im yet to find what Im looking for.
>
> We have a sales agreement on our home now. The young couple that is
> buying our home doesnt have much cash on hand. The sales price of
> our home has included closing costs for this buyer. Most likely
> making the sales price higher than the homes appraised value. The
> appraiser is coming next week to stick a value on the home.
>
> So I have a few suggestions tossed my way as to how we can make this a
> win, win for both us as the sellers and the young couple as the
> buyers. And that is to loan them some money to purchase the home
> (about $5000) and we will retain the title to the home. You know
> what? Just as I wrote that I realized this doesnt make much sense.
> I mean their bank will lend them, lets say $140,000 for this home and
> they will want the title. Ill loan them $5000, but I wont get
> anything will I?
>
> So anyway, what are the options of us to make this deal happen? Looks
> like the best we could do for the buyer is offer them a $5000 personal
> loan? But that leaves us pretty unprotected if they decide not to
> pay.
>
> Perhaps personal lending sites such as prosper.com orlendingclub.com
> might be the answer for our buyers to come up with a little more cash.
>
> Thank you all for your input.
>
> Ward

> Hi, Im a lender on LendingClub.com and Prosper.com and if these
> people have a good credit rating they should be able to borrow $5000
> with little trouble as long as their Debt to Income ratio is somewhere
> around 20% or less and they dont have any current delinquencies.

> But that is probably the problem...they are likely tapped out
> and trying to buy over their head. Their last hope to close
> this deal is to get the seller to carry back the $5k. Just
> my gut feel, but why else would they even ask if they had
> easy access to the cash?