Updated over 13 years ago on . Most recent reply
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Let's Talk About Buying With Seller Financing
#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
- Springfield, MO
Several threads asking about seller financing as the seller, what should you look for or consider as the buyer?
Let's start with a question to the seller, why do you want to be the bank?
Your due diligence about the seller begins with the answer to that question.
I realize many investors are the ones asking for seller financing and why, but when you find a seller advertising seller financing, what should you consider??
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Kevin Yeats, that is pretty harsh and likely bound for a failed practice in note sales. You add $40,000 to $100,000 (40% increase) loan where the collateral is only worth $100,000. That my friend will not only never trade well for you but in Florida, that is "Predatory Lending". Your title says "Lender". Do you lend for real? Is that how you lend?
No note buyer that has a clue is going to bite on that. In an unseasoned origination your predatory intentions are clear as day.