Expert: Sue Bernstein - 5/25/2006

Question
I am selling my home.  I have a buyer and am willing to do owner finance.  I don t know where to begin.  I just need to know what kind of clauses I should put in the contract and who should carry the insurance.  This home is still mortgaged now.

Answer
Dear Megan,

I am not sure if you will like my answer but I don't understand why you don't have someone represent you in what is probably the biggest investment you own.  You acknowledge that you have no experience.  The contract in California is 8 pages of clauses with additional Advisories and Disclosures.  Different cities also have different retrofit and report requirements.  There is so much involved I wouldn't know where to begin to help you and wouldn't want to accept the responsibility of leaving something out.  I am sure you can find an agent that will give you a discount with you also bringing them the buyer.  If you choose to do this alone I absolutely would not draw up your own contract.  There are existing contracts with 'fill in the blanks' or at least hire an attorney to assist you.

Good luck and I hope this helps.

Sue Bernstein
www.SueBernstein.com