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Updated about 15 years ago,
Help me with putting this deal together
Group,
I have a property that I own and I have a prospective buyer. I would be financing this property. I need some guidance as to what to do next. Here are the details:
price 35K
buyer would put 10% down
finance 31.5k @ 7.5% for 10years.
buyer credit score: 650
So basically, this buyer is interested and I am going to send him an application so I can check credit,etc. Does anyone hear experienced with seller financing have any forms, resources you could point me toward that would assist me with all this? What information should my "application" have? what else do I need to get from this buyer to "pre qualify" him? I have never done an owner finance so I know more information may be needed so that you guys can help.