Buying with owner financing, selling with owner financing Texas
I'm new to doing owner financing deals. I'm having a hard time figuring out what contracts to use when buying with a wrap around mortgage. Besides the purchase and sale agreement what other contracts would I need?
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Hey @Luis Alvarez if you are buying and the owner has a mortgage, yes, you can do a wrap around mortgage. When you sell that same house, you probably want to have the buyer get a new loan. Otherwise, you would have a wrap of a wrap. Technically possible, but not recommended. It is just easier to cash out of the deal and get everyone's name off the mortgages.
As far as contracts, use the TREC contract. There is a space for special provisions. Spell it out. Use the addendums for owner financing.