All Forum Posts by: John Dunbar

Quick legal question. I was negotiating an owner finance deal today, and seller stated that he was advised that he is unable to give a 0% interest on the finance terms unless it was to "a family member". Is there any truth to this?

Thanks Mitch! Yes I believe those are his main concerns. Our biggest obstacle is demonstrating that the ownership does in fact end there at closing. And that we will be consistent with payments. We will continue to address these issues up front. Thanks again!

We seem very close finalizing a Seller Finance deal, but cannot get the seller to realize that he will no longer have financial or legal responsibilities of the property. It seems like the perfect situation. 65 y/o man looking to retire and travel, plenty of money, is not utilizing the money to invest elsewhere, wants to reduce tax bill with sale, and wants to be "completely done with property". We have offered well over asking price with monthly payment close the the cashflow he is currently getting, but he is still not budging because he wants "no ties to the property". Property is a mobile home park listed at 1.5 mill

Any advice to get this deal done?

Any legal documents we can provide to show that he will be "done" with the property?

Any different strategy we can utilize?

When in a seller/owner finance deal, what are the options of an exit strategy if we wanted to sell the home prior to fulfilling the term with the original owner? 

Sounds good guys! Thanks. Plan on getting the pitch together and presenting it next week. 

Looking for some advice prior to meeting with a seller about purchasing his mobile home park which also includes 2 duplexes. Room for increased rent and additional lots available. All the signs line up that this can be a great opportunity to pursue seller financing. Owner is 70 year old MD who is retiring, and under the current assumption that the property is paid off. Has been listed for 140+ days, decreased listed price 3x, etc. 

Can the seller legally sell it as "seller financing" if it is currently listed with an agent?

Can we sell the property prior to the agreed upon amortization when financing via "seller financing"?

Upon meeting, legal documents needed for seller financing directly with seller? Can a title attorney handle this?

Also any tips or strategies would be appreciated. Thanks!