seller financing questions

[Account Closed]

Hi BiggerPockets! I had a question about seller financing. when should one start to do owner financing? Should one have an LLC formed before they attempt to do any type of seller financing. And would a great place to start to learn more about is to talk to my real estate attorney?

[Adam M.]

Yes because the homeowner is technically writing you a mortgage against the house. You then selling it to another person whether it be through seller financing or them purchasing via traditional financing would be a legal transfer of property and the original lender (if they know what they are doing) would call your loan.
http://barneswalker.com/seller-financing-restrictions-under-the-dodd-frank-act/