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Updated about 12 years ago,
Talked a Seller into holding the note- Now What?
Ok, so I'm working on my first deal in REI ever! Woo hoo!
We intend to buy, fix and flip this property. The seller would consider holding the note if our intention was to pay her back within 1-2 years. She does not want a note for 15-30 years. I told her no problem, we plan on flipping anyway.
SO, now what? Where do I get the forms or legal contracts for seller financing? Do I have to make it complicated and get a lawyer? Or are there simple forms online that I can use?
Can I put somewhere that the seller can call the loan back by a certain time, so she is at ease that we will pay her back within 1-2 years?
What are typical seller financing terms? Down payment amount? Interest rate? etc...
And how do I structure this with the deed and everything. How do I stay protected and she stay protected? Would escrow be able to help on this part?
Any advice would help. Or references to other articles or websites are helpful as well.
Thanks!