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My brother just got transferred to Amarillo, Texas for a year for his job. His company pays for all of his living expenses. I was thinking he could seller finance a property for $1000/mo and if possible, sell it right before he leaves, because he could be paying the homeowner $2000/mo. Reducing the purchase price for an additional $1000/mo, if not more. However, I’m not sure on the rules and regulations in Texas for seller finance or lease option. I hear they are different than most states. It was just a thought i came up with. Any insight or just stay clear of the whole situation?
No problem with seller financing in Texas. Just pay attention to the SAFE act and Dodd-Frank rules
But selling with a lease option is OUT. A lease option is considered an executory contract in texas with lots of rules and regulations, like you have to deliver the deed within 6 months… and big fines if you break the rules.
You can buy with a lease option all day long … but don’t sell that way.
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