Seller Financing Deal

[James Jacobs]

Who should I contact for help in structuring a seller financed deal? 

Situation: I am the buyer. The seller (two brothers as a partnership) has a mortgage on the property and let's assume they only have 20% equity in the property.  

Let's assume that the sale price is $165,000. I'll give the sellers some cash (maybe $15,000), I take over payments and structure an agreed payment to them, and I take over the property as if it is my own (property management, rehab, etc.). 

Who do I contact to make sure that I am protected as the buyer and that the seller doesn't walk away and sell it to someone else or something like that? An attorney? A title company? 

Do you have creative ideas that you have done in your seller-financed deals? 

Also, are there any other things I should look out for or make sure I negotiate as part of the deal?