Seller financing how the money gets transferred?

[John Currey]

I've been listening to several of the BP podcasts mentioning seller financing. It's sounds like a great tool at times. What I don't understand is how you get the money to people. 

let's say you buy a 100k house on seller financing with 0 down and 1k a month payments. Am I mailing a check to the seller every month? 

pace Morby tells a story about buying a truck on seller financing, how would he make payments on the truck? 

[Chris Seveney]

Quote from @John Currey:

I've been listening to several of the BP podcasts mentioning seller financing. It's sounds like a great tool at times. What I don't understand is how you get the money to people. 

let's say you buy a 100k house on seller financing with 0 down and 1k a month payments. Am I mailing a check to the seller every month? 

pace Morby tells a story about buying a truck on seller financing, how would he make payments on the truck? 

When doing seller financing, it is imperative to have a third party licensed servicer handle the payments. They will keep track of the amortization as well as provide all required tax forms at the end of the year. You will read stories here on BP where servicers were not used and the lender went dark, and the borrower has no place to send money to and cannot refinance or get a loan removed. Always use a servicer.

Personally seller financing a car is just dumb, if someone cannot get financing for a car, then they have awful credit and why would you lend to them?