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Updated almost 6 years ago,

Account Closed
10
Votes |
224
Posts

What should i do first?

Account Closed
Posted

So im looking for a seller financing deal

But what do i do if they are able to finance me their home but i havent done an inspection,liens,equity,mortgage, etc?

Do i have to do all that first? Like what if i do all that and then the seller says no?

Do i have to do all that first then ask for financing? Or what if they say " yes "

Then i spend 500 for an inspection and then he says " i dont want to sell it anymore "?

Ill be making payments on the house for a few years then ill buy it ( sanwhich lease )

So i could buy it or maybe not.

User Stats

2,803
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1,908
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Charles Carillo
  • Rental Property Investor
  • North Palm Beach, FL
1,908
Votes |
2,803
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Charles Carillo
  • Rental Property Investor
  • North Palm Beach, FL
Replied

@Account Closed

When you find a potential property, you draft a letter of intent (LOI). In the LOI you can spell out everything; inspection, due diligence period, seller financing terms etc. I would suggest you create a LOI now and then you can quickly update it on every property.