Seller Financing??

[Jack Lee]

Hey guys,

How do you go about getting seller financing? Do you just ask the seller if they are familiar to the topic and then give them more information?

In addition, what if the seller uses an agent? Do you just pass the word to the agent?

Thanks

[Ellis San Jose]

If you are interested in getting the unabridged version. You can contact the US Government Printing Office www.gpo.gov

There also have been a few amendments if you want to research all of them.

Each state has adopted it's own legislation

California is S.B. 36 http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0001-0050/sb_36_bill_20091011_chaptered.html

[Bill Gulley]

Edited, I went to page one, I see I repeated myself again.... :)

The Act covers the type of property, residential 1-4 with owner occupied sellers having exemptions, to a point, non-owner occupied sellers need to comply. The buyer's use of the property does not determine the commercial nature of the loan alone. Commercially zoned properties will be commercial loans. If you take title in a company name and finance in the company name that can be argued to be a commercial loan but you'll need to see how your state defines types of loans as they may be defined by property type regardless of financed by an entity or personally. Loan categories are: residential real estate, commercial real estate (which takes in multi-family, industrial, development, recreational and public use) and agricultural real estate and then consumer loans which are not secured by real estate.

Investors who use their contracts, perhaps their notes may well have liability in doing a seller financed transaction, it's not just the skin of the note holder at risk if you introduced and presented the deal convincing the seller to act illegally. What ever you get others involved in can come back on you. And, if such were the case you'll not have much of a defense claiming any consumer protection from a deal you put together in violation of consumer protection laws. :)

[Ron Kelley]

Kristine Marie Poe

Hi K. Marie, where did you find the California version of the Safe Act?

[Account Closed]

Ellis San Jose posted the link for CA SB 36 above. The link below for the CA DRE has several links to relevant CA Real Estate Law and Finance Law that pertain to licensed mortgage originators.

http://www.dbo.ca.gov/Licensees/Mortgage_Loan_Originators/About.asp

[Ron Kelley]

Got it, thank you!