Owner Financing -Step by step

[Tracey Williams]

Hi everyone,

I have read a lot about owner financing and I notice there are lots of profit /advantage to the seller but looking at it from the perspective of a buyer I do have questions when considering owner financing for a multi family-unit

1. Who draw up the agreement? seller's Attorney or buyer's lawyer?

2. If owner finance with 10% down, do you get a title? or is the deed just going to be recorded?

3. Does the issue of closing cost/points comes up and who is going to be paying the buyers agent assuming there was one involved

4. Is there a need for inspection & Appraisal?

5. If buyer pays for inspection/appraisal and something was discovered and seller refused to reduce the price is there anyway to get your money back. (money paid for the inspection)

5. If seller still has a lien on the property how can you find out or how to prevent him from putting lien on the property

6. How can a buyer be assured the seller is paying the mortgage on the property.

As the new buyer do you need a second insurance on the property if the seller as one already?

I will appreaciate your answer to any of the questions or if you have a step by step action to take for owner financing as a buyer.

Thanks