New to Real Estate · Salem oregon · Member since 2017 · 29 posts · 5 votes
I have someone in the area that is seller financing there home. can anyone give me some tips, dos and dont and what to watch out for. tell me about your experience with them
I have someone in the area that is seller financing there home. can anyone give me some tips, dos and dont and what to watch out for. tell me about your experience with them
Call a title company and get a title report, open escrow, have an appraisal done, you may want to have an inspection done if you don't feel qualified, run payments through a servicing agent, reduce everything to writing in a purchase & sale agreement, make sure you know how much you are buying the property for, what the interest rate is, if there is a variable rate or balloon, the term of the financing and whether it includes taxes and insurance. That will get you started.
I have someone in the area that is seller financing there home. can anyone give me some tips, dos and dont and what to watch out for. tell me about your experience with them
Call a title company and get a title report, open escrow, have an appraisal done, you may want to have an inspection done if you don't feel qualified, run payments through a servicing agent, reduce everything to writing in a purchase & sale agreement, make sure you know how much you are buying the property for, what the interest rate is, if there is a variable rate or balloon, the term of the financing and whether it includes taxes and insurance. That will get you started.
@Account Closed should you do all the steps that you outlined through a lawyer, or would the title company suffice?
In the Western states we use a Title & Escrow company typically. However, it is common to use an attorney on the East coast. I don't have any experience in Pennsylvania so that is better answered by someone locally. The key point is to use someone who does this type of transaction on a regular basis. Not all Title & Escrow companies will do them and not all attorneys have experience with them.