My first question on BiggerPockets! I am a college student with little money or credit. I have family members who would be willing to partner with me to provide capital. However I have also been looking into seller financing. I recently found a fourplex that looks promising. The owners are retiring and want to travel. They stated that they are willing to do a land contract on their listing. I am still in the preliminary stages of looking and learning but would like to take action soon. When is appropriate to ask what kind of terms they would be offering for seller financing? I dont know if I am overthinking this but I feel like it might be better to see the property and meet the owner before jumping to seller finacing terms right away. However the terms may kill the deal right away if they dont work for me.
land contract aka as an installment purchase contract or an installment sale agreement.
This is the same as 100% owner financed sale.
The reading on LC suggests title doesn't transfer until paid, but a 1st TD puts you at the top of the chain of title while the LC might not get filed. I would seek the owner carry position and certainly seek legal advise.
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