Setting up owner finance
I have a 3bed 3 bath SFR for sale for 140k
15K down
125k financed @ 8 %
I will have a previous note for 124k @ 3.5%- Mortgage and Escrow at
Buyer wants to place cash down as soon as possible, we have a verbal agreement and I have contacted an attorney (www.lonestarlandlaw.com) in the state of Texas to do the contracts (he is charging $750.00)
Looking for advice as far as being totally protected and if this is a good deal/good choice on attorney?
This is my first owner finance deal and would appreciate any input!