Owner Financing Puchase Agreement - What to expect?

5 Replies

BP,

I have written in my last post about the RV park i was considering. I was able to pull all the strings together, dot all the I's and cross the T's. Bottom line, we are getting ready to finalize the deal and do the earnest deposits.  This is an OWNER FINANCED deal. No banks, no official Board of Realtor agreement.  I have not seen the agreement the owner is working on but he said it was a standard real estate purchase agreement (I am waiting on him to send it to me to review). I have already toured the property twice, and had a new survey done and the property lines flagged.

Has anyone ever done a owner financed deal and what should I look for. What should i make sure is in the agreement?

Any input is appreciated since this is my first owner financed deal.

Thanks,
Tom

Bring it to a real estate attorney. I am not familiar with any in Georgia but it is definitely worth passing the documents to an attorney to look them over so you know exactly what you are getting yourself into. Good luck to you! I want a RV park/mobile home park in my portfolio within the next 10 years. 

@Jacob Wathen @Sergiu Ionita  THank you both for the input! Definitely going to have a real estate attorney check it out. I was able to review it today and it was very simple and straight forward.  

Jacob, the way i found mine was just riding around, finding the RV parks, and calling the owners asking if they wanted to sell. It just so happens gentlemans mother just passed and he wanted out.

Sergiu, I am buying it to far from Atlanta so I am using an attorney we use for closing in north GA, thanks for the lead though if i ever am in ATL.

No problem! And that definitely makes sense. Generating your own leads, that’s awesome. 

Are you referring to Title company when you mention "real estate attorney"? Or Hiring an attorney to review the contract and you will record the contract by yourself? 

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