Owner's Financing & Loan Servicing Companies

Atlanta, Georgia
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Owner's Financing & Loan Servicing Companies

Isaac Jordan
Realtor · Atlanta, GA · Member since 2019 · 11 posts · 4 votes

Good evening All,


I have a property that I am looking to sell by offering owner's financing.
The remaining mortgage balance will be paid at closing by the buyer and the remainder that we've agreed will be offered as owner finance. Terms: 25% Down Payment Wired To Seller At Closing | 3 Year Term at 6% Interest Amortized | First Payment Due 04/01/2023 | No Prepayment Penalty

I've read on some threads but most date back 10 years and in different areas and most of my research has shown various pricing and/or will only service large portfolios. My main goal are to ensure that I have proper reporting in the event of a default to ensure I have no legal issues regain possession, and of course have an advocate to collect payment. 

I'm located in Atlanta, Georgia. Interested to hear your thoughts as well as any recommendations. Thank you in advance. 

-Isaac

2Reply
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Randy Rodenhouse
Investor · Charleston, SC · Member since 2011 · 606 posts · 413 votes
3y

I would recommend using a servicing company to keep things compliant and to reduce your stress and work load.  There are servicing that specialize in different areas.  For seller financing I like Note Servicing Center Inc. They are excellent for what you want to do.  There are others like National Asset Mortgage but I don't think they have license in GA plus I like Note Servicing Center better.  Make sure the servicer is license in your state.  

2Reply
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  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    Prolong the owner finance term as long as possible, you will make more money and will have consistent income coming in. Your default options will be outlined in the promissory note drafted by attorney at your title office. 

    1Reply
  • Rhonda Copeland
    Member since 2022 · 2 posts · 0 votes
    3y
    Quote from @Isaac Jordan:

    Good evening All,


    I have a property that I am looking to sell by offering owner's financing.
    The remaining mortgage balance will be paid at closing by the buyer and the remainder that we've agreed will be offered as owner finance. Terms: 25% Down Payment Wired To Seller At Closing | 3 Year Term at 6% Interest Amortized | First Payment Due 04/01/2023 | No Prepayment Penalty

    I've read on some threads but most date back 10 years and in different areas and most of my research has shown various pricing and/or will only service large portfolios. My main goal are to ensure that I have proper reporting in the event of a default to ensure I have no legal issues regain possession, and of course have an advocate to collect payment. 

    I'm located in Atlanta, Georgia. Interested to hear your thoughts as well as any recommendations. Thank you in advance. 

    -Isaac

    Hi Isaac, I am looking for an owner financing deal to get into my own house. I have good credit and can make payments of $1000 dollars a month. What is the outstanding loan balance and your asking price?
    0Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    3y
    Quote from @Isaac Jordan:

    Good evening All,


    I have a property that I am looking to sell by offering owner's financing.
    The remaining mortgage balance will be paid at closing by the buyer and the remainder that we've agreed will be offered as owner finance. Terms: 25% Down Payment Wired To Seller At Closing | 3 Year Term at 6% Interest Amortized | First Payment Due 04/01/2023 | No Prepayment Penalty

    I've read on some threads but most date back 10 years and in different areas and most of my research has shown various pricing and/or will only service large portfolios. My main goal are to ensure that I have proper reporting in the event of a default to ensure I have no legal issues regain possession, and of course have an advocate to collect payment. 

    I'm located in Atlanta, Georgia. Interested to hear your thoughts as well as any recommendations. Thank you in advance. 

    -Isaac

    Over the years we've had our contracts serviced with 'escrow' (holding of original docs) at 2 local banks.  These have both discontinued and transferred us to a regional servicer.
    I'd call community banks in your area or look in the yellow pages for contract servicing.   Also ask title co's or closing attorneys.   
    Most fees I've found are about $200 to establish and $18/mo shared between buyer and seller for full escrow. 
    0Reply
  • Isaac Jordan
    OP
    Realtor · Atlanta, GA · Member since 2019 · 11 posts · 4 votes
    3y

    Thank you for the great information. I'll check on this tomorrow.

    0Reply
  • Jingru Sui
    Real Estate Agent · Atlanta, GA · Member since 2014 · 683 posts · 317 votes
    3y
    Quote from @Isaac Jordan:

    Good evening All,


    I have a property that I am looking to sell by offering owner's financing.
    The remaining mortgage balance will be paid at closing by the buyer and the remainder that we've agreed will be offered as owner finance. Terms: 25% Down Payment Wired To Seller At Closing | 3 Year Term at 6% Interest Amortized | First Payment Due 04/01/2023 | No Prepayment Penalty

    I've read on some threads but most date back 10 years and in different areas and most of my research has shown various pricing and/or will only service large portfolios. My main goal are to ensure that I have proper reporting in the event of a default to ensure I have no legal issues regain possession, and of course have an advocate to collect payment. 

    I'm located in Atlanta, Georgia. Interested to hear your thoughts as well as any recommendations. Thank you in advance. 

    -Isaac


     Is it ballon payment at year 3? I’ve seen people offer interest only for 3-5 years. Where your property located? 

    0Reply
  • Chris Davidson
    Real Estate Agent · Boise, ID · Member since 2016 · 1k+ posts · 888 votes
    3y

    @Isaac Jordan in Idaho we are a Title and Escrow state, and usually a few of the title companies have a long term escrow and they can handle it. Just lay out who is paying for it. Usually it is the buyer.

    If they don't or can't do it reach out to who you normally close with and ask them who does that kind of work as they likely have seen it before and will have some recommendations. 

    Best of luck!

    0Reply
  • Randy Rodenhouse
    Investor · Charleston, SC · Member since 2011 · 606 posts · 413 votes
    3y

    I would recommend using a servicing company to keep things compliant and to reduce your stress and work load.  There are servicing that specialize in different areas.  For seller financing I like Note Servicing Center Inc. They are excellent for what you want to do.  There are others like National Asset Mortgage but I don't think they have license in GA plus I like Note Servicing Center better.  Make sure the servicer is license in your state.  

    2Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Isaac Jordan

    I have a servicing company that can service this loan

    7e investments53 Reviews
    WebsiteView Page
    0Reply
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