Rental Property Investor · Philadelphia, PA · Member since 2013 · 50 posts · 11 votes
hey BPers so ive been going back and forth with the owner of a single family home next door to a rental of mine in philadelphia 19134. i brought up seller financing and we agreed to a price and for him to carry back the mortgage. the only problem is i have no idea what to do next!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
agreement of sales?, title search?, go down to city hall and record the contract?? im sure i can stumble my way to the finish line but i was hoping this wonderful community of savvy veterans had some great guidance to spare ......................THANK YOU in advance everyone
Real Estate Broker · Watertown, NY · Member since 2016 · 1k+ posts · 1k+ votes
9y
1.) Prepare yourself financially. You are going to be responsible for heat, electric, water, taxes, repairs, insurance and the mortgage payment. (Assuming you're renting it) Once you get this thing rented out, you can pick and choose whether or not your responsible for heat, electric and water. You still have to pay the taxes, insurance, repairs and the mortgage payment no matter what. Run your numbers and make sure this home will generate enough cash flow to keep the bills paid.
2.) Get the offer accepted on paper. Speak with your attorney and have them draft up the paperwork.
3.) Take that accepted offer to an attorney or title company and have them handle the title search and abstract update.
4.) Schedule a home inspection. A real estate agent can help recommend someone in the area.