Hello Bigger Pockets,
I am in the middle of working my first seller finance deal and have come upon some questions that I need help answering. I have no experience with this type of financing so I am a bit out of my lane but hopefully not for long.
I have found a For Sale By Owner single family in an area that is familiar to me. The seller is willing to finance but they still owe a mortgage on the property, What steps do i need to take to make this deal happen, and how do I protect myself so that i can ensure that the mortgage is getting paid to the bank so I dont lose the house?
Thank you for all the help.
@Tyrel Rose , you need a real estate attorney. Depending on the state, you might be able to do an Aitd (all inclusive trust deed).
Best of luck.