Updated over 8 years ago on . Most recent reply
Seller financing without a real estate agent?
Hey guys,
If I wanted to buy a property from a family friend who is willing to seller finance the deal, what would be the process we should go through to get it done?!
Do we need a real estate agent or is there a way to go through the process without using a real estate agent? I have looked at the numbers and the additional costs for a real estate agent might break the opportunity to buy this property. If I need to be more clear on my situation or if y'all have any questions feel free to let me know in the comments.
Thanks,
Anthony
Most Popular Reply
You don't need to set up an LLC for one property. The main reason to set up an LLC is to protect your personal assets from harm in the event that you are sued. Your insurance policy has liability coverage, so if you think you may be sued then max out the liability coverage in your insurance.
If you default on the loan and he forecloses, then you will lose your down payment. Otherwise there is no risk in putting money down.