My Renter Wants to Buy the House

awlittlebuddy · Joined: 11 Nov 2009 Posts: 1 Location: Georgia

I'm wondering if there is a way for my renter to buy the house.
I don't want it anymore. She has poor credit but has paid me faithfully for 5+ years now. I don't hear from her ever. She maintains the house and puts the rent cash directly into my checking account each month. She has a low-mid income job. She says she has small judgements on her credit from years ago. Her credit is excellent with me. I also financed a car for her that I was selling about 4 years ago. The house is old. I have an assumable 1st on it but she can't qualify. My 2nd is small but not assumable. I owe around 67k on it. It last appraised for $85k in 2004 but I have no idea what it's worth now. It's a 2/1 on .5 acre in Austell, Cobb County GA. It's zoned residential/commercial. They pay $530 per month. Any ideas?

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

without knowing anything about her financial situation, there is no way to give you an answer. She will either need to apply for a loan or you can hold the mortgage. (you are the bank). IF she does not pay, then you take the house back.

cezzz · Joined: 01 Dec 2009 Posts: 9

I think it's ok, as you mentioned she has a good credit and one more reason is you don't want it anymore so I think there is no problem about it as long as she pays.

almsloanmod · Posted: Sat Dec 05, 2009 4:42 pm Post subject:

It is possible and depends on alot of things, i need more information on this one.

JPowell · Joined: 20 Jan 2010 Posts: 103 Location: PA

She'd probably have to look into getting a loan and doing so with judgments showing may be difficult to do. The only way to find out is for her to actually look into on her own and see what she finds out.

She may find that she can get approval for a loan of a certain amount and then it would be up to you (I assume) to agree to sell for that amount.