Who provides receipts or current balance on seller finance deals?

[Logan Turner]

Ok so I bought a house cash, fixed it up and sold it with owner finance. Now the new owner is asking for monthly receipts of mortgage payment. Is there an obligation for providing this? Should I be sending quarterly balance statements? Annual amortization schedules? Just curious what everyone is doing with owner financing. Deal (cause why not) cash purchase 41k, rehab 12k. Sold owner financing at 99k with 4K down and 10 year loan at 10 percent. Thanks everyone for the input. I'm normally a buy and hold I just couldnt find a tenant to rent so decided to sell. So first time doing owner financing.

[Eric S.]

@Logan Turner

I sell properties with owner financing, and the answer to your problem is to use a loan servicing company.  They handle everything, and my company only charges $15 a month, that I pass on to the buyer.  Can't go wrong!

Need a partner for owner finance deals in Texas?  Let's do it!