What is the owner finance process?

[Alvaro Rodriguez]

I have a house under contract, the bank was giving me trouble so the seller and I agreed to seller finance. We have agreed to a price, interest rate, downpayment, and balloon payment terms, and would be to 30 years. This house is fully paid off by the seller

Now that all the terms are agreed to, what are the next steps? who can prepare the paperwork for us? do I go to a title company? the seller and I have our own agents because we originally tried the conventional way, and we still want our agents to get paid.

any guidance on the next steps and how the process works is greatly appreciated.

[Alex Gunnerson]

Hi Alvaro, an experienced real estate attorney is who I would turn to here. Another option, try an investor who has experience doing seller finance deals in your area and have them guide you through the process. If you went with option B you'd obviously have to give them some of the cut, but you would be building a relationship that could pay for it self down the road.