Real Estate Agent · Brandenburg, KY · Member since 2015 · 277 posts · 68 votes
Hey BP'ers! I'm working on negotiations on my first owner financing purchase. In short, I gave the owner 3 options (verbally) and she seems to be more interested in the seller financing option.
I'm doing the walk through tomorrow and we'll discuss further.
My questions are specific to details of this sort of transaction.........
Anything special need to be in this contract for seller financing?
Attorney drafts up the contract?
Am I mailing a check to the seller monthly?
Who keeps track of remaining balance?
These questions seem kind of silly, but I really have no clue.
Residential Real Estate Broker · Lakeland, FL · Member since 2015 · 90 posts · 49 votes
9y
Jeremy...you should have the attorney draw up a note and mortgage with the terms that you have discussed with your seller. You will send the seller the payments directly and I would suggest that you get a spread sheet that will do an amortization schedule and you keep track of it. Congratulations.