Sellers financing/owners finance

[Eric Márquez]

How do you write your contracts? Do you get contracts from the title company? Do you need a real estate agent? If so, do you still pay them a commission? Do you like balloon deals if you know you have guaranteed financing come time of the balloon and for better terms right now?

[Derek Dombeck]

You can write your contracts on the standard Realtors form for your state. If there is seller financing terms that need to be spelled out, just add it as an addendum to the contract. You certainly don't need a Realtor if you are confident in what you are drafting.  You could use an Attorney as well, but they do have a tendency to over complicate deals which sometimes kills the transaction.
As far as balloons go, I'm not afraid of them as long as you can negotiate an extension provision upfront. This way, if the refinance or sale of the property does not go as planned, you can get more time. I've negotiated 5 year extensions for a $5000 additional payment to be paid at the balloon date. That payment goes toward the principal balance of the loan. You may also have to offer to increase the interest rate a little bit too. GOOD LUCK!