Ins and outs of seller financing in California, specifically LA

[Vincent Carosso]

I may have an opportunity to purchase a house through owner financing. What should I be weary of, and any recommendations on structuring the contract? Or any lawyers in the area that are familiar with this scenario. It’s LA so I can’t afford to pay cash, i do have the 20% and could possibly go through a bank but that would take too long. Plus this would be the second home I would have purchased this year and I don’t want to push my debt to income ratio with them. I have 2 homes in PA, and was going to rent in LA until I found the right deal, but this all came up so fast and I don’t want to let it slip through my fingers.