Updated over 10 years ago on . Most recent reply
Any Advice on Owner Financing?..
Hey BP.
Currently have an offer in on a property. The seller/owner is willing to do owner financing. Zillow has it for 200 + and the county has it listed as a multifamily. We have agreed to write up the contract for 150. with 10% percent down payment.
I have never done an owner finance before, my question is what are some of the things i need to have in writing to cover myself, and what do i need to know going into this deal?.
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Get full title work done with title insurance and never, ever do a Land Contract or Contract for Deed. Title won't transfer to you with those until it's paid off. Do a Note and Deed of Trust / Mortgage. Here you can also do a Real Estate Contract that still puts the property in your name day 1, but has a few less protections for you if you do default. Talk to a title co about common ways to properly structure a seller-financed deal in your area. Congrats and good luck @Tyon Pascal !