Owner financing South Carolina My first deal help!

[Nathan Pope]

Hello everyone,

If I'm successful, this would be my first deal. I am trying to set up a home buyer with an owner financing deal through a real estate investor, but I am unsure of how I would actually make money off of this. I am NOT a real estate agent please help.

[Bill Gulley]

The ONLY way you could devise seller financing terms with a homeowner would be under the TIC, TAC, TOE method in compliance with Dodd-Frank.

You cannot assign a financing contract in your transaction where you obligate the seller to finance to a third party without their specific consent with that borrower.

You're also  not a mortgage broker, compensation has nothing to do with it and you're brokering a mortgage as a straw man (wholesaler) type arrangement.

Side deals (bones and steaks paid later) outside of settlement is a violation of TILA, Dodd-Frank, the Tax Code and ALTA, Things can happen in life that expose such transactions, things beyond anyone's control. These are "heavy laws" and regulations, I doubt a steak would be worth the risk.

I would not use a sale contract, I'd use an option to purchase. I would not assign the option but terminate my right to purchase for a fee allowing the owner to provide the seller financing with the buyer. I would not contract in anyway with the buyer other than agreeing to terminate my option rights. The seller or the buyer may pay my fee. This way you'll be further away from the issues of wholesaling having agreements between the two other parties and seeking a spread on the price as a commission or fee. I would verbally disclose the intended transaction to the owner. I would also allow at least 3 days to pass holding the option before having the buyer and owner contract. A title company will not have an issue with you simply clearing an encumbrance. Good luck :)