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Updated over 8 years ago,

User Stats

20
Posts
3
Votes
Mara Martinez
  • Investor
  • Indian Head Park, IL
3
Votes |
20
Posts

Help with Seller financing!

Mara Martinez
  • Investor
  • Indian Head Park, IL
Posted
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!

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