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Updated over 8 years ago,
Help with Seller financing!
Hi BP community! I am a newbie. I am about to purchase a SFH ( sent offer to seller, her lawyer is reviewing it but shes ok w price=27000)
I offered seller financing and she said she is interested. She wants to get rid of the property.
I have a couple of questions:
Who writes the note? (my lawyer?)
Is it recorded somewhere?
Would she have a second lien position? Or, can i do it without the lien?
My proposal is:
1 down payment: 10k
2 fixed interest rate 5%
3 5 year loan
4 monthly payments
I have read about seller financing but cant find any "details". If you can point at an article etc it would be really appreciated!
Thanks in advance!