Purchasing a SFH in California using Seller Financing

[Ali Mahdavi]

Hi BP!

I'm looking to purchase a home that we currently live in from our landlord. She is interested in selling it to us and has first lien position on the mortgage. She's looking to do a seller financing deal where she would receive interested higher than the bank which will allow us to put less than 20% down-payment. The property is located in Culver City/Los Angeles. 

1. Does anyone hear have some familiarity with seller financing? If so, can you share how you proceed with the process?

2. Does anyone have any template of LOI I can use to document our high level discussion with price and interest rate?

Thanks so much in advance,

Ali