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Updated almost 3 years ago on . Most recent reply

Brandon Rauscher's profile image
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Brandon Rauscher
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  • from North West Suburbs of Chicago
  • Member since May 6, 2021
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Brandon Rauscher's profile image
Brandon Rauscher's profile image
Brandon Rauscher
  • Investor
  • from North West Suburbs of Chicago
  • Member since May 6, 2021
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Brandon Rauscher
  • Investor
  • North West Suburbs of Chicago
19
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Innovative Strategies

Seller financing questions

Brandon Rauscher
  • Investor
  • North West Suburbs of Chicago
Posted

I have a home owner that would like to sell me a property via seller financing in IL. I'm coming across some difficulties structuring the deal specific to IL laws. Can anyone lend a hand?

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Caroline Gerardo's profile image
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Caroline Gerardo
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  • from Laguna Niguel, CA
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Caroline Gerardo
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  • Member since Mar 2, 2015
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Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
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Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
Replied

If seller does not have an existing mortgage they can carry a first trust deed. I suggest you offer them 8 percent 30 year note due in full in seven years. This is a bit higher than existing rates but fair. In Illinois you can't do a land contract or wrap around. Seller has to annually disclose any impounds and interest paid. 

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