Owner financing alter terms during current agreement

[Toby Ima]

Hi all. I hope everyone is safe and in good health. I have a current owner finance mortgage on a house, and I am thinking of presenting the seller with new terms that would be beneficial to both of us. Everything was properly transferred and recorded when the initial deal was done months ago. Is it possible to alter our current arrangement or terms? If so, how would one do this? I am in Texas. Thanks in advance. 

[Daniel Dietz]

If you shared where you are at and what you have in mind we could probably help you more. 

I agree with @Joe Villeneuve also, *if* you look and find the right kind of sellers, you can likley end up with the same or lower rates than banks. We are working on a deal right now for 4-5% over 30 years with a 15 year ballon, better than we can get on a non recourse for our SOLO401K LLC. You need to find the owners with paid off properties that are likley to invest that equity VERY conservatively - say CDs - and offer them something 'better'.

Dan Dietz