After a wrongful death case, when the family is left to handle the estate of their lost family member, certain responsibilities arise. The family is often left with distributing the estate and selling real property. Sometimes the potential new owner cannot qualify for financing. In such a situation, owner financing may be the effective way to sell real estate. Please note though that recent state and federal legislation make such a transaction more difficult than it used to be. Consult a real estate lawyer with experience in such matters,
Too often landowners consider residential lease-options. However, these options exceeding six months and contracts for deed may not be the best option. Seller-financing may be the better option.
What are some of the few types of residential owner financing?
Traditional owner finance is used when the property has been paid. Wraparounds involve giving the buyer a deed and arranging for the buyer to make monthly payments to the seller. Then the seller can use those funds to pay an existing lender. Land trusts are used where the property has been placed into a trust as a “holding” place until a buyer can obtain financing.
What type of financing is the right kind for you?
But note that one of the changes in owner-financed transactions is that the Dodd-Frank Law prohibits balloon notes. But does this law apply to you?
Too often families who have lost a family member to a car accident or a work place accident leading to a wrongful death case are left with the aftermath of estate care. The executor is sometimes responsible for disposing of real estate. Still, sometimes the executor of the estate is the adult child of the lost family member. Friends and family need time to grieve. It is during this time when people call someone that can help them through the process of obtaining compensation for their loss and for helping them understand how to handle certain estate affairs.
There is a lot to take in after a suffering the loss of a family member from an accident. If you have questions about wrongful death law or real estate law, contact a Texas lawyer. You can reach a Houston lawyer at 713-572-4900 or 210-800-6049.
– Article By Richard Weaver