Wholesale an Owner Financed Home

[Jamall Steele]

I have a potential home that I can get under contract with a owner who doesn't mind owner financing. I have a general Purchase and Sales Agreement but what other contract will be needed in order for me to put in the financing portion of deal. Whatever comments will help. I am starting out so this is new. I could stand to learn much from everyone.

[Mike Bryant]

The "Standard" contracts that we use have a section for Financing: Section 2A is "new financing" (Bank loan, private lender, etc.), 2B is "Seller Financing", and 2C is "Existing Financing" (i.e. Subject-to). In each section, you can enter the details of each applicable Note. Before you get into contract details, though, you should have a basic framework of agreement with your seller; i.e. how much down payment and how much is the seller carry-back note, at what terms and monthly payment? Once you have an agreement, then you can fill in the contract with details. PM me and I can send you our agreement which is written for Missouri transactions, and you can have a local attorney modify it for North Carolina if needed.