Creative Finance Questions For New Investor

[Abby Link]

Hi bigger pockets family!

I have recently been trying to learn about creative finance (and real estate in general lol) so I'm pretty new to it all and had a couple questions about seller financing if anyone has any experience or knowledge in that area.

- When closing on an off market deal from start to finish who do you need on your team apart from the seller and buyer? If anyone could give a timeline too for when these team members come into place that would be incredible. I'm sure it can be different for every situation but an example would be nice to start filling out the puzzle in my head :)

- I'm sure this is a very easy question but being so new to real estate I'm not quite sure how this all works: With all the contracts that are involved in real estate including the purchase of sales agreement, where do you put these contracts to keep them safe and binding? Especially when not working with an agent. What is it like submitting an offer to a motivated seller when you are not working with an agent?

- Are these contracts electronic for the most part now and how do you manage the paperwork, is this where escrow comes into place?

- With seller financing, does ownership of property transfer to the buyer, does it not, or does it depend? If it does not, what are the ways to provide reassurance to the seller that the buyer won't fluke out on payments?

I know that was a lot but feel free to answer just one of these questions or any that you want. Thankyou guys for reading, I'm forever grateful for Bigger Pockets and its community.

[Abby Link]

Wow thankyou @Adam Lendi for your quick and very detailed response!!

I have not yet negotiated a seller financing contract and am just trying to learn right now as much as possible so that I know what I need in place before I get started so your response was very helpful! I think the biggest thing I took from it was that I better get an amazing real estate professional on my team so I don't end up in a position like that one buyer. Scary stuff indeed.