Has anyone done an Owner Carryback loan when selling a house?

[MarathonMike]

I'm going to sell a rental next year and I'm considering doing an owner carry back loan. I've sold homes before, just never did a carry back. Has anyone "been the bank" and done one of these loans? If so, how did it go?

 

[william the wie]

My mother did but check the relevant state laws

 

[Dan Stubbs]

I'm going to sell a rental next year and I'm considering doing an owner carry back loan. I've sold homes before, just never did a carry back. Has anyone "been the bank" and done one of these loans? If so, how did it go?

I did carry a mortgage on one place I owned. Most people only live in a place for five years. This is the heavy part of a mortgage and most of the money is interest.

 

[MarathonMike]

I'm going to sell a rental next year and I'm considering doing an owner carry back loan. I've sold homes before, just never did a carry back. Has anyone "been the bank" and done one of these loans? If so, how did it go?

I did carry a mortgage on one place I owned. Most people only live in a place for five years. This is the heavy part of a mortgage and most of the money is interest.

So that was great for you right?