What do I need?
Hello,
I have a deal I am structuring that will be a seller finance deal in Sacramento. What do I need to finalize all of the documents? The unit is currently listed with an agent will there be a fee to take it down or back from the agent? Will I need a title company to finalize this transaction? What will I need to transfer taxes and insurance into my name. Please advise.
Thank you,
Stephanie Garcia
Most likely the agent has a listing agreement with the seller so that if the house sells within the timeframe of the agreement the agent gets paid. If it's currently listed with an agent, you can either go directly through that agent or use your own agent to process the deal. Once a contract is finalized the agent will send over the contract to a title company who will close the deal and transfer it into your name once recorded. Insurance is on you.
Originally posted by @Stephanie Garcia:
Hello,
I have a deal I am structuring that will be a seller finance deal in Sacramento. What do I need to finalize all of the documents? The unit is currently listed with an agent will there be a fee to take it down or back from the agent? Will I need a title company to finalize this transaction? What will I need to transfer taxes and insurance into my name. Please advise.
Thank you,
Stephanie Garcia
Congrats on working a deal! Seller financing to boot.. It sounds like this property is listed on MLS with an agent. This means the house will be a sale. Agents commissions come out of the sellers purchase price. You should definately use your own agent. If you don't it sounds like the listing agent will be handling both ends (buyer and seller) potentially. He's obligated to a fudiciary relationship with both parties but it is the equivalent of have one lawyer for defense and prosecution . . May not be advised. Plus, since it really no money out of your pocket it's in your best interests to have your own agent looking out for your intersts.
I myself am an agent. I know much about seller financing and actually own two duplexes using seller financing on each. A title company is a must And you will pay for half of closing Most likely.
Please feel free to contact me and I will advise you in any way I can. Or if you would like an agent to handle part of your end I would be more than happy to do that as well!
Has the communication only been between you and the owner?
Frank
Yes, communication has been between myself and owner only.
Originally posted by @Derek Jones:
Most likely the agent has a listing agreement with the seller so that if the house sells within the timeframe of the agreement the agent gets paid. If it's currently listed with an agent, you can either go directly through that agent or use your own agent to process the deal. Once a contract is finalized the agent will send over the contract to a title company who will close the deal and transfer it into your name once recorded. Insurance is on you.
Who would be responsible for paying agent commissions?
You are in luck. If the seller has an exclusive listing agreement then the seller is paying the commission of the listing agent as well as the buyers agent so no money out of your pocket for that.
Do you have a mls number or address and I can check to see if it is exclusive or mls only listing?
@Stephanie Garcia I hope you dont mind me piggy backing on your post here but I have a question.
@Franklin Romine @Derek Jones I am also putting together a seller finance deal as the buyer. Ive only communicated with the seller and his contract with his listing agent ends on Friday 7.31 . If he does not renew his contract, what costs will be required to turn the property over to me ?