off market, seller finance paperwork?
I have an off market duplex that I just looked at and the seller is willing to do seller financing.
Now what? Do I need to find an attorney to get a contract made up for me? Do I just Type up my offer/terms on a blank Word document?
@Dan Pryde
Do not do this yourself
Get an attorney or title company to do this for you
I would start by reaching out to a few title companies in the area.
@Dan Pryde reach out to who ever is going to handle closing. Either title or an attorney will and they should be able to point you in the right direction. Also some of these have long term escrow departments and they can assist with handling of funds.
Way to make it happen!
Quote from @Dan Pryde:
I have an off market duplex that I just looked at and the seller is willing to do seller financing.
Now what? Do I need to find an attorney to get a contract made up for me? Do I just Type up my offer/terms on a blank Word document?
@Dan Pryde get an attorney to both write it up and counsel you on how to protect yourself. Talk through, in detail, what amortization, interest rate and what portion of the payment made to the seller goes towards principal pay down vs. interest. Balloon payment term matters a lot, and you may consider writing in something to protect yourself if the rates are above a certain threshold to allow you to extend the contract should they go too high for comfort when balloon payment is due. I also recommend discussing re-finance strategy with a good lender who knows investments BEFORE you write the contract so you're aware of your exit strategy before you're locked in. Hope this helps.