All Forum Posts by: Rosemarie Smith

@Patrick Roberts Do you have a servicing company you recommend who could handle a Maryland deal? 

@Mike Grudzien The title company said they do not accept payments. The attorney wanted me to provide the terms he wants to include in the document, but he helps formalize things.

Hello Everyone, I'm seeking a servicing company that can assist for a seller finance deal in Maryland. We'd like to have the borrower the ability to pay back the loan faster than 30 years if they choose, so delivering straight to the bank account may not be ideal.

Also, anyone who has completed one of these transactions, could we connect? I'd love to see a previous term sheet, something that highlights the repercussions of the borrower defaulting on payments will allow the seller to resume ownership of the property. I want to make sure they're covered. :)

Thank you @Chris Seveney & @Patrick Michael ! I supposed I was mixing my language up. 

I think it will still be a seller-finance deal because the down-payment will be 30K+ to wipe out the existing mortgage and cover Kyle (The seller's) closing cost.... so each monthly payment will go to the seller.

So, the purchase and sale agreement should be for ~260K... and the assignment of contract should be 10K. When I was rattling off numbers, I guess I'm thinking through the eyes of the end-buyer.

As of now, a few people have expressed interest because the house is on 28 acres of prime hunting land, I'm going back to the property next weekend to take pics/videos.

I will look into Madison Management, 35/mo seems very reasonable.

Also, The deed "type" should be a discussion with the attorney? I was thinking the title company, but that makes sense.

Hey ya'll, I have a homeowner willing to do a seller-finance deal. He's willing to pay a 10K assignment fee, has an existing mortgage of 29K, and is content just receiving monthly payments each month after closing. Should 3-4% suffice for his anticipated closing costs?

What are the ducks I need to get in a row?
-Title company/Attorney - I've found the Maryland wholesale title-company, and she has an attorney who does underwriting at a flat rate
-Servicing Company - Is there a recommended company within Maryland? How much does this service typically charge?
-Performance Deed - I heard this mentioned in the "Wealth without cash" book, but do I just tell the Title company to process this type of deed?

What other tips do you have so I enter this transaction organized. The seller is a good friend of mine so I'm not worried about losing him, I just want to make sure I appear confident and professional.

Rosemarie Smith
Eternal Estates LLC.

I'd love to, but I'm open to any opportunity that has a low entry costs right now. I've started reaching out to FSBO listings with high equity to see if anyone is interested in seller-finance deal and I'd assign the contract.