Updated over 3 years ago on . Most recent reply
Seller financing questions
I have a home owner that would like to sell me a property via seller financing in IL. I'm coming across some difficulties structuring the deal specific to IL laws. Can anyone lend a hand?
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If seller does not have an existing mortgage they can carry a first trust deed. I suggest you offer them 8 percent 30 year note due in full in seven years. This is a bit higher than existing rates but fair. In Illinois you can't do a land contract or wrap around. Seller has to annually disclose any impounds and interest paid.