Seller Financing - Seller Wants ALL of My Information

[Derek Simkins]

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?

[Account Closed]

Quote from @Derek Simkins:

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?

I'm giving you my precious $500,000 property and I don't know you and you want me to believe you when you say you'll pay me back? Not going to happen.

I need a purchase & sale agreement, I need a promissory note, I need a Deed of Trust, I need your credit report, a copy of your driver's license, I need to know what other assets and liabilities you have, I need to know who you work for and how long you've worked there and how likely it is you will continue to work there, I need to see 24 months of bank statements, I need to see 24 months of rent payments, I need to know your closest relatives addresses and phone numbers and I'm going to check all of that out. Oh, now THAT sounds like a bank.