Seller financing--how is this done?

[B R]

I am a newbie working on 2nd SFH deal, which will become a rental. I would like to put a request for seller financing in letter of intent to purchase, but don't really understand how it works. Who does the paperwork to set up the note? Would the seller use an attorney, accountant, etc.? Or am I just sending some lady a check for 30 years? I would like a firmer understanding--can anyone advise?

Our first deal went so well and we have excellent tenants, thanks in large part to BP and all the great comments and suggestions we received! Thank you!

[Richard Warren]

I have sold properties where I held a note. The actual note is set up by the title company and I use a mortgage servicing company to handle the payments as well as escrow for taxes and insurance. The servicing company handles tax reporting as well.

This is the website for the servicing company that I use. They give a pretty description of how it works:

http://www.noteworld.com/

:cool: