Seller financing home. What do I do next?
My husband and I live in Tennessee, and made an offer on a home for $95,000 with $5,000 down at 6.5% for 20 years with owner financing. The owner's don't owe anything on the home and bought a new home a couple of years ago while letting the home sit vacant.
We received a call Sunday night letting us know that they will accept our offer.
So, my question is, where do I go from here? I'm trying to get this taken care of with the least amount of money possible. I know I need to get a lawyer to do the deed of trust and file it. But, I've seen at law depot, and other law websites that I can create this document myself for a cheaper cost. Would it be ok to do this?
What else do I need to do? Title search? How much do those cost?
Also, we agreed to start making payments on August 1, but we will be making the down payment next week. Is it normal to ask the couple if we can start cleaning the home before we move in?
Any advice/information would be helpful.