Seller Financing with an Agent?

[Alexandra Sales]

Hi All, 

I'm hoping to get some insight on seller financing. We found a property we hope to purchase and wanted to ask the seller if they're open to seller financing. The property has been on the MLS for almost 40 days now and if the seller agrees to seller financing, she may be able to sell it sooner. How does that work if she has an agent and we have an agent? Are they paid at all or are they removed from the transaction if they agree to go the seller financing route?

Thanks for your input! 

[Arsen Atanasovski]

@Alexandra Sales the agents will get paid at closing from the seller. Agents tend to push away from land contracts due to the fact that the seller needs a sufficient enough down payment from the buyer to cover all of closing costs and hopefully walk away with a few dollars. In many cases land contracts or seller financing gets a very bad reputation from agents because as I mentioned in previous posts non-investor oriented agents do not know the power of land contracts. The power? Seller gets a nice check every month from a responsible investor (yourself) you get a awesome deal with out the banks! It is very difficult to get a hold of the seller but your agent should be able to provide you with their address or if they are living at the property your seeking to buy think about sending them a letter and explaining to them all the positive in seller financing and try to sell in that way. Trust me the seller agent will try as hard as they can to not have the seller accept a land contract, I don’t know why but as an agent I hear it all the time and it’s crazy! When I submit land contract offers I get a email almost immediately stated the seller is not interested in land contracts, I usually submit after research that there is no mortgage and the seller can do seller financing, (and then I send in the offer). Once I receive the email reply like in 5 min. I ask the agent weather or not they gave the seller the offer to review and explained to the seller what is a land contract? Most of time I get the famous reply...... they want CASH!
Really? 

We all want cash!

So sorry for the long reply but if your offering land contract on a MLS listing just giving you a heads up that seller agents hate land contracts.