Residential Redeveloper · Dallas, TX · Member since 2016 · 26 posts · 6 votes
Hello,
I'm currently in the process of negotiating a deal with a seller using seller financing (in Texas). However, I have never structured a deal that did not involve a hard money or conventional lending. Can anyone please advise how would go about obtaining a template Promissory Note and Deed of Trust to close on these types of deals or at least point me in the right direction? I would really appreciate the help.
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
9y
Here I open escrow at a title co. They have attorney's they use to draft these docs that do it all the time. The extra cost to get it done right is usually only about $300.
Then I use a contract servicing dept at a local bank. They hold all original docs, electronically take my payment and get to the seller, do the amort schedule and annual interest reporting. Maybe a local bank does that in your area. Your title co should know.
Good luck @Greg Shyne. Done right, seller financing can be amazing!
Investor · Charleston, SC · Member since 2011 · 606 posts · 413 votes
9y
Get a PSA signed by both parties spelling out the price, amount down and terms of the seller finance note and then get a title company to draft up the note and deed of trust and go to closing.