first time home buyer through seller finance

[Gannon Delacruz]

Hey fellow forum members,

I hope you're all doing well! I'm thrilled to be part of this community, and I'm excited to share that I've come across an amazing opportunity to buy my first piece of real estate through seller financing. Before I dive into this venture, let me introduce myself. I'm a 19-year-old looking to become a homeowner for the first time, and I'm seeking some guidance on navigating the process.

While I have a basic understanding of seller financing, I'd greatly appreciate some insight from experienced individuals here who might have gone through similar transactions or have knowledge about creating terms with the current owner. I have a few questions that I hope you all can help me with:

Are there any potential risks associated with seller financing that I should be cautious about?

What documents or legal processes are involved in a seller financing arrangement? How can I ensure that everything is done correctly to protect both myself and the seller?

As a first-time home buyer (and hopefully soon-to-be home owner), what are the key factors I should consider before finalizing the deal, and once I do, what should I expect to smack me in the face as a first-time home owner?

I'm open to any and all advice, anecdotes, or tips you have to offer. Your knowledge and experiences can be invaluable to me at this stage, and I'm eager to learn from all of you. If you've been in a similar situation before or have any general tips for a young prospective homeowner like myself, I'd love to hear from you!