Approaching owner finacning and do you involve your agent?

Question

I am wondering how people approach the owner finance deal. I realize that each person needs different things on each deal. Such as some are more interested in a large down payment, some are interested in just monthly income, etc. But my main question is how do you approach the deal as a whole. Do you, yourself, contact the listing agent and ask if they have considered owner financing? Do you contact the owner directly? And if so, how?

Lastly, do you involve your agent? I guess the same questions as above would apply as well if you do involve your agent.

I have not done an owner finance deal but I would love to do one so I can learn another way to get some more doors!

Thanks all!

Lastly, do you involve your agent? I guess the same questions as above would apply as well if you do involve your agent.

I have not done an owner finance deal but I would love to do one so I can learn another way to get some more doors!

Thanks all!

Jason H. · Answer

I think there’s something wrong with the site...normally you should be able to just @ someone and the name jumps out, but the site has been glitchy recently.

Congrats on getting the fourplex!  Sounds like you’re gonna have your hands busy for awhile...good luck and keep us posted if you go through an owner financed deal.

Jared Lasko · Answer

@Jason H.  (how the heck do you tag someone?????)

I have not gone through with an owner financed deal quite yet. Instead I found a great, dilapidated, four-plex and am in the middle of doing a BRRRR on that. I would still love to explore the owner finance deals but unfortunately do not have a ton of time outside of doing all the work on the four-plex myself and my job! So lets just call it on pause!

Jason H. · Answer

Hey Jared, just wondering if you ever did go through with a seller financed deal since you posted here.  If you have, would be great to hear your experience.

Account Closed · Answer

not that complicated the type of financing offered is on the MLS listing, just ask an agent ,listing or otherwise @Jared Lasko

Jared Lasko · Answer

Account Closed I guess I am referring more to the people that do not have owner finance listed. And, lets be honest, a lot of sellers haven't even had it cross their minds and therefor it is not listed on the MLS as a form of financing.

@Anthony Wick with going to the seller directly and not involving agents anywhere, do you just use a generic contract or how do you go about that? I have never purchased outside of using an agent and am not familiar with the legalities necessary in these processes.

Thanks

Anthony Wick · Answer

@Jared Lasko

If you know what you’re doing, you can write up the purchase agreement yourself. Quite easy. But, I would then involve an attorney for writing up the contract and title if seller financing. If you’ve purchased before, call the last title company and/or attorney you’ve used.

Not seller financing, but my last duplex purchase did not have real estate agents. I wrote up PA. Seller took to his attorney for his opinion. No problems. I financed through my bank, so we used the same Attorney we always use when financing.

So, the preliminary work and PA is easy to do, but I still recommend professionals for the final contract and legal paperwork.

Anthony Wick · Answer

@Jared Lasko

I’ve asked listing agent directly. If no agent, I’ve asked seller directly. If you’re working an agent and they found the property, you should obviously have your agent talk to the sellers agent.

I always ask if seller would consider financing all or partner of the deal.  Not saying I have any luck, but I always ask.