1st Time Owner to Seller Finane
Okay ladies and gentlemen.So I need your advice. I just did my first owner to seller finance and I’m wondering if there’s anything I could’ve done better or or anything did I do wrong? I initially put 30k into the house to try and remoIdel it, but with contractor issues the cost just became to much. I sold A property to an investor he bought the house for 150,000 at a 7% interest rate for 12 months He has a monthly payment of 1400. With a balloon payment to pay the rest off which should be about 139k. He put 3000 down and the first months payment so 4400 all together. We did the deal through a attorney, we did not go through a title company because the investor didn’t want to since he was paying the closing cost. The house does not qualify for a conventional loan because of its condition. So my question is since this is my first time doing this type of transaction; what are the risk involved? (Pros and Cons)I’ve done a little bit of research but I’m looking for more insight for more season vets. Any advice welcome