Seller Financing 101??? Help

[Chris Lawlor]

Hi Folks

Would appreciate your help and advice.

We are looking into engaging with a seller that is know to the family. We would like to suggest a seller financing situation to them.

The property is one side of a duplex. We know that the second side should be up for sale too soon. We probably will only qualify for one mortgage and so would use that to purchase the second one; if we could also get it off-market.

This situation Is new to me and I’m researching it, but it would be great to hear from people that have experience with this:

1. could you walk me through the basic steps of what needs to be done?

2. How do you broach the subject with the seller?

3. What is the benefit to the seller over just selling to cash of leveraged buyers?

4. What would you consider the best case scenario from the buyers perspective when putting together a deal with seller financing?

5. Pitfalls to watch out for?

Thanks folks.

Chris