Advise On Blanket Mortgage
I have difficulty to rent my property and considering to sell it through blanket mortgage. The house is new. The builder listed the same model for $149,990. I asked for $150K. Down $20K. Interest rate 8.5 (My mortgage rate is 6.5%). The property is in Manor, TX. My questions are:
1) Do I still need to check prospect credit report? I've advertised it as NO Qualifying, Seller Financing.
2) I am thinking to use First American Title to draft the closing agreemnt. Is that a good idea?
3) What are some of the things that I need to be aware of?
4) What if the buyer goes bankrupt?
5) Is that easy evict the buyer if something happens?
Any suggestion? I've just realized that the builder increased the asking price by $6K. I have informed the prospect buyer the asking price is $150K. I also know that the asking price should be 10% higher than FMV. I just tired paying the mortgage our of my pocket.
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