change in selling agreement

[monkeyman]

I am in the process of selling my home. I agreed with the buyer that she could have the home owner-financed. Unfortunately, I have changed my mind and would rather she go through a mortgage company for several reasons. For starters, she is currently renting my home and always pays the rent late. Then, while in the process of selling my home, I recommended that she have the house inspected. In doing so, some repairs needed to be made. She quoted $10,000 as the estimate for the repairs. I thought that price was out of range and decided to hire another inspector to check the house. The second inspector found that the homes repair was not near the amount she quoted me.

On previous occassions, the tenant complained of some minor repairs around the home and I gladly reimbursed her for the expenses. I went with the second inspector who checked the home and found that the repairs previously mentioned were not repaired. With all of the above, will there be any problems with my retracting my offer for owner-financing. If so, what? If not, how should I inform the tenant of my decision?

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[Michael Wechsler]

Nobody can tell you what to do. I don't think this is a legal question. But I'll say this much -- do you want to be lending money to a person that you have little belief will pay you regularly? I think your gut instinct might be good. Luck with selling your home!

Originally posted by monkeyman
I am in the process of selling my home. I agreed with the buyer that she could have the home owner-financed. Unfortunately, I have changed my mind and would rather she go through a mortgage company for several reasons. For starters, she is currently renting my home and always pays the rent late. Then, while in the process of selling my home, I recommended that she have the house inspected. In doing so, some repairs needed to be made. She quoted $10,000 as the estimate for the repairs. I thought that price was out of range and decided to hire another inspector to check the house. The second inspector found that the homes repair was not near the amount she quoted me.

On previous occassions, the tenant complained of some minor repairs around the home and I gladly reimbursed her for the expenses. I went with the second inspector who checked the home and found that the repairs previously mentioned were not repaired. With all of the above, will there be any problems with my retracting my offer for owner-financing. If so, what? If not, how should I inform the tenant of my decision?

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