seller financing what to watch out for?

[Ronald Erwin]

I have someone in the area that is seller financing there home. can anyone give me some tips, dos and dont and what to watch out for. tell me about your experience with them

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Originally posted by @Ronald Erwin:

I have someone in the area that is seller financing there home. can anyone give me some tips, dos and dont and what to watch out for. tell me about your experience with them

 Call a title company and get a title report, open escrow, have an appraisal done, you may want to have an inspection done if you don't feel qualified, run payments through a servicing agent, reduce everything to writing in a purchase & sale agreement, make sure you know how much you are buying the property for, what the interest rate is, if there is a variable rate or balloon, the term of the financing and whether it includes taxes and insurance. That will get you started.