First Seller-Finance Deal, Please Help!

[Rosemarie Smith]

Hey ya'll, I have a homeowner willing to do a seller-finance deal. He's willing to pay a 10K assignment fee, has an existing mortgage of 29K, and is content just receiving monthly payments each month after closing. Should 3-4% suffice for his anticipated closing costs?

What are the ducks I need to get in a row?
-Title company/Attorney - I've found the Maryland wholesale title-company, and she has an attorney who does underwriting at a flat rate
-Servicing Company - Is there a recommended company within Maryland? How much does this service typically charge?
-Performance Deed - I heard this mentioned in the "Wealth without cash" book, but do I just tell the Title company to process this type of deed?

What other tips do you have so I enter this transaction organized. The seller is a good friend of mine so I'm not worried about losing him, I just want to make sure I appear confident and professional.

Rosemarie Smith
Eternal Estates LLC.

[Chris Seveney]

Quote from @Rosemarie Smith:

Hey ya'll, I have a homeowner willing to do a seller-finance deal. He's willing to pay a 10K assignment fee, has an existing mortgage of 29K, and is content just receiving monthly payments each month after closing. Should 3-4% suffice for his anticipated closing costs?

What are the ducks I need to get in a row?
-Title company/Attorney - I've found the Maryland wholesale title-company, and she has an attorney who does underwriting at a flat rate
-Servicing Company - Is there a recommended company within Maryland? How much does this service typically charge?
-Performance Deed - I heard this mentioned in the "Wealth without cash" book, but do I just tell the Title company to process this type of deed?

What other tips do you have so I enter this transaction organized. The seller is a good friend of mine so I'm not worried about losing him, I just want to make sure I appear confident and professional.

Rosemarie Smith
Eternal Estates LLC.

 1. If you need a MD title company let me know

2. If you need an attorney let me know - cannot post info in a forum post

3. Servicing company use MAdison Management out of Reno - $35/mo and includes escrow

4. I would have an attorney confirm the type of deed and what you are trying to do

You are off to a great start by using professionals to get the deal done and not fly by night deal.

Great Job!!!