Seller financing stories

2 Replies

Does anyone have a first hand seller financing story they could share? In general how do you set up the deal? Do you need a lawyer to create a contract between the two parties? Does this cut the realtor out of the deal? In addition I am particularly interested if you had to pitch the idea to a seller that had never heard of it before. Please let me know your thoughts.
Originally posted by @Marc Beaulieu :
Does anyone have a first hand seller financing story they could share? In general how do you set up the deal? Do you need a lawyer to create a contract between the two parties? Does this cut the realtor out of the deal? In addition I am particularly interested if you had to pitch the idea to a seller that had never heard of it before. Please let me know your thoughts.

I purchased a property via seller financing. Seller offered it so no pitch on my end. It has nothing to do with the realtor its the lawyers who take care of the contract. The best pitch will be to avoid capital gains on the sale. Also you should find out before you ask the question if the property is free and clear. Likely if there is a mortgage the seller would prefer cash at close.

What if the seller hired a realtor? Would the realtor still get his commission? If the seller still owed money on the property would I have to pay it off in order to do seller financing?