BiggerPockets

Great thinking! You have the right concept for something that sells homes fast in this economy. To avoid taking up a lot of space here with the details

Feel free to take all the space you need to explain here. Please do not post solicitation in this forum.

Good Idea Jason. Thanks for the feedback. I recall an investor whose strategy was to find homeowners who own their properties outright. There is so many opportunities with this type of situation.

God Bless,

Tyra

Hi Jason,

Do you recall anything more about the post? I would like to chat with him.

Thanks & God Bless,

Tyra

Thanks for the reply Marc.

What you have to make sure of is that there is enough room in the wraparound note that you can sell it at a discount and stil payoff the underlying firts position mortgage note. Now the wraparound note is in first position for the note buyer!

Hi, Tyra, I really had to wonder what your "booklet" was about and who it was for. I hope you will take this as advice.
If you are handing information out to people you will be dealing with and they rely on such information you are taking on a great deal of liabilty. There are several issues here.
First, if you don't advise them of a matter that perhaps should have been addressed and their deal goes sour, then what? You could very easily be held liable for any ommission or advice you give. Putting it in writing, for you, is something you should really think about, in fact, I'd suggest you not do it!
Is it a good idea? Sure it is, but the fact that you are on this site asking for input and advice really reflects on your personal qualifications and expertise in the matter.
If someone does not absolutley know EVERY aspect of seller financing and ALL the legal, financial, economic and risk assessments involved with such a transactions, they really need to deal in such matters on their own behalf, by that I mean explain what they see as an advantage to the party they are dealing with and market their position, but under NO circumstances should they appear to be providing legal or lending advice.
All of the information necessary to capture all of the variables and issues in seller financing would easily be volumes, not a "booklet".
If your idea is something similar to a "Landlord & Tenant Relations & State Law" type pamphlet as distributed by a Bar Association or HUD for example, that is a great idea, and one is needed on Seller Financing, but it needs to be done by a Bar Assoiciation, HUD, perhaps an association that has expertise in the subject. When an individual does such things, it's a different matter. It also depends on how material is presented. Ask your attorney. If, on the other hand it comes across as IMO and look what I did, and this is how we did it, you know, like a guru does, then it's not as advisory or instructional. It,s not going to be much good if you put twenty pages together and then have a page of disclaimers attempting to avoid any responsibilty for them taking action on what they just read. Investors will buy that from gurus, but a homeowner might have a different view. I have given seminars to Realtors and attorneys on this topic and when you take the position as being an expert and providing advice, you also accept the liability and responsibilty of being an expert.
There is another forum addressing seller financing here on BP, and I just had to advise someone of the pitfalls in dealing with someone in a nursing home or an elderly person, would that have been in you booklet?
I hope you take this in good spirits, I'm not questioning your intentions, but having to seek advice here speaks volumes. So, before you go boldly where no man has gone before, give this some thought.

I'm sure that when some people see my forum posts they must think I'm only here to rain on someone's parade, that's not my intent, I don't like doing that, but if something is missed I think all of old hands have an obligation to the community to point out potential issues. Hope you see it that way too! Bill

Hi, thanks for clearing that up, In that case, I'd be happy to assist you. Just PM me. Bill

Hi, I'm in chat if anyone wants to discuss it

Hi, I'll be in the chat room in ten minutes to check and at 5:00 EST, 4:00 CST etc. Seller financing, there is a misconception among most as to what the due on sale caluse is all about and how it is used. to lengthy to describe here. Warps, CFD, L/O Financed Options and assumptions. Oh,no role playing! LOL Later, Bill