All Forum Posts by: Alan L Donald
Alan L Donald has started 2 posts and replied 4 times.
Post: Seller Financing Questions
- Posts 5
- Votes 0
Does anyone specialize in selling properties with seller financing? I own an investment condo, my expenses went up and my tenant just left, and I'm considering selling it with seller financing but want to learn a lot more about it. Can you recommend any courses to learn more about this?
I use Felicia Lane for the Charleston, SC area.
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Quote from @Crady Seymour:
Quote from @Alan L Donald:
What happens with taxes and insurance in a "subject to" purchase? I assume the lender mostly doesn't care who the house belongs to, as long as the mortgage is being paid?
What about the escrowing of taxes (new rate) and insurance (new insured). How do you deal with those without triggering the "due on sale" clause for the existing mortgage?
Thanks,
Alan
Alan- there's a great podcast on creative financing with Pace Morby. In it he talks about two ways to handle the Due on Sale Clause. You can actually purchase insurance for that, but he has another creative way he learned from a banker. It's called 300 Doors ALL Through Creative Financing with Pace Morby.
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Thank you @Crady Seymour!
What happens with taxes and insurance in a "subject to" purchase? I assume the lender mostly doesn't care who the house belongs to, as long as the mortgage is being paid?
What about the escrowing of taxes (new rate) and insurance (new insured). How do you deal with those without triggering the "due on sale" clause for the existing mortgage?
Thanks,
Alan