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Updated 19 days ago, 12/06/2024

User Stats

56
Posts
17
Votes
Sam Epperson
  • Real Estate Agent
  • Bloomington, IN
17
Votes |
56
Posts

What are the next steps after creating a seller finance note?

Sam Epperson
  • Real Estate Agent
  • Bloomington, IN
Posted

let's say I come to an agreement with the seller for them to finance some of the deal. let's also pretend the seller owns it with no debt, and we agree to 5% down, 5% rate, and 10 year balloon.

how are we drafting this legal document? Do we get an attorney to write this up for us? Can the title company do that? and then what happens with the actual document?

is that being sent to county clerk?

also, what happens if I want to sell the note I've just created? maybe this deal is so juicy, someone would pay me for the right to take it over. How do I go about selling this note?

I understand the first parts where creating a win-win deal is key, I just can't seem to find what happens next.

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