Seller financing questions

[Brandon Rauscher]

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?

[Caroline Gerardo]

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.