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Updated almost 10 years ago on . Most recent reply

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15
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2
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Zion Greenfield
  • Asheville, NC
2
Votes |
15
Posts

Getting a speedy contract with an owner financed deal

Zion Greenfield
  • Asheville, NC
Posted

Last week I negotiated a deal with a seller for an owner financed deal. I would like to get this under contract as soon as possible, however my agent is not able to write the contract because she is with Keller Williams and they would only allow her to write it if they got a piece of the pie. My agent, as well as an investor friend, referred me to a mortgage attorney to write the contract. I have not heard back from the attorney yet in two days. I would like to get this contract sign asap and I was wondering if there was a way to get a contract written up without the mortgage attorney? 

Most Popular Reply

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788
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640
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Rocky V.
  • Flipper/Rehabber
  • Arlington, TX
640
Votes |
788
Posts
Rocky V.
  • Flipper/Rehabber
  • Arlington, TX
Replied

Don't complicate things.  Put your offer in writing with terms of owner financing and both of you sign agreement.  Hand this over to a title company along with a sales contract and ask them (pay for) to draw all contracts necessary.  They should have attorneys that can easily write up contracts.  As long as both of you are in agreement everything should work out just fine. 

My most recent email to escrow officer looked like this:

Sales Price $15K, $1K down, 0% interest, $200/month payment until paid off, no prepayment penalty

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