Seller financing steps

[Ivan Aldana]

What are the steps you guys take when you have a seller willing to do seller financing? 

[Chris Seveney]

@Ivan Aldana

1. Negotiate the sales price of the home. Keep this separate from financing. Similar to buying a car always discuss if you are paying cash or financing after

2. Negotiate terms of financing. What is the interest rate, term of loan. Will there be a balloon. That will determine P&I payment

Then have title do closing

Strong recommendation I have is to have the loan serviced by a licensed servicer. That way you know you will get your tax forms at the end of the year, taxes can be escrowed and paid and if you ever refinance out or sell you know your payoff will be accurate and not chase people to get it.