Seller Financing Process/Advice

[Maddy Pape]

Hi,

I'm new to seller financing but am looking to get advice from someone who has done it before and has a clear-cut process. To start, I'm only considering making offers on properties where the seller owns it free and clear.

What is your step-by-step process? Do you have any advice? Are there mistakes you've made that should be avoided? Have you seller-financed on-market properties? 

Thanks!

[Tom S.]

@Maddy Pape  Just adding to the good advice posted above.

I've bought a number of properties via seller financing.  The main tips:

- Get it appraised.  The seller won't require an appraisal like the way a bank would, but you want to make sure you're not overpaying.

- Use a good attorney for the paperwork that has experience with seller financing transactions.

- Do your due diligence: you want to make sure the property isn't full of problem tenants or code violations, and the seller is just using the financing to dump their property and problems onto you.

Hope that helps!