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Updated about 1 year ago, 10/22/2023

User Stats

26
Posts
12
Votes
Derek Simkins
Pro Member
  • Rental Property Investor
  • Asheville, NC
12
Votes |
26
Posts

Seller Financing - Seller Wants ALL of My Information

Derek Simkins
Pro Member
  • Rental Property Investor
  • Asheville, NC
Posted

I was able to secure a deal with some cash down and the rest seller financed. Seemed pretty straight forward but the seller is being a little difficult. First, they didn't want me to do a loan because they didn't want a second position loan. Okay, I get it. Offer changed to cash and seller finance and sent over. Now they're asking my partner and I to send a full credit report and a settlement statement from a house I just sold!

Is this normal and should I be giving them all this information because they're technically a "bank"? Mostly any bank would run a credit report if they were originating a loan but C'MON. 

I should also add that this one is going in my name as my primary residence but does that change anything? Should I be putting this in a LLC anyway and does that change anything?

  • Derek Simkins
  • Loading replies...