Updated over 6 years ago on . Most recent reply
Seller Financing, HOW TO DO IT
Hello BP!
If a seller has a property free and clear how do you structure a seller financing in order to not get a bank loan??
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Don Konipol
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Don Konipol
#4 All Forums Contributor
Lender
Pro Member
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- The Woodlands, TX
@Catherine Morel
Essentially the seller acts as the bank. The transaction is two fold. The purchase is part 1, with the financing part 2. It all happens simultaneously at closing.
In many if not most states the state promulgated purchase contract, or the contract used by the Association of Realtors has an area or addendum where owner financing can be made part of the offer.
- Don Konipol
Private Mortgage Financing Partners, LLC