For sale by owner investment
Hi everyone! I'm so happy and excited I joined this group.
My husband and I bought our first rental property in Denver last year, and now we are working a really nice deal on a property close to Colorado springs. Here are some details:
-this is sold by owner and there are no real estate agents involved
-the guy is willing to finance part of it with no Interest
I have been doing some research but I am still holding a big question mark in my head.
What are the steps to follow? Should the seller find a title company? Is he paying for the cost of the title company? Do I need a lawyer?
Thank you all so much for your help. Looking forward to meet some bigger pockets friends!
Most Popular Reply
This is one of those cases where you should involve someone who knows what they are doing like a Realtor or attorney to draw up the paperwork. All of your questions depend on several things which cannot be answered perfectly without much more information.
How do you know it is a good deal? Because the seller says so or you truly know this is a good deal.
Finance part of it with no interest? How much and for how long? All things that should be in a contract.
Sellers typically pay for title insurance but in some cases, the buyer will pay for it depending on how the deal is structured.
My advice, hire an attorney or realtor and pay them to make sure everything is done correctly.