Selling directly to buyer
Hello all,
I'm just starting out and would like to get some feedback from the pros...
I have a buyer lined up and I would like to take the following measures to sell a property. I realize this isn't the way I want to proceed in the future but I have a slim margin & would like to exit on the + side if I can. This is my first deal.... I welcome any and all input.
Seller financing on a $40K dirt lot (R-1)
50% down payment via wire transfer
2 year promissory note secured by deed of trust, notarized
A few different County forms to establish taxable value, change of ownership, a legal description of the property, etc.
Must I/Should I use a sales contract in this transaction???
On the promissory note what do I do with the Trustee language since I prefer not to utilize a title company. What do most seller-financed deals look like?
I used TransUnion SmartMove to do a background/criminal/eviction check. I also asked for the typical loan qualifying docs: 2 yrs W-2/taxes, 2 recent pay stubs, assets/liabilities worksheet, etc.
Thank you!!!
TJ