All Forum Posts by: LORIE DYE

Wow. You all are amazing! Thank you so much for all the great information. @Jon Holdman you are awesome. Thank you for taking the time to reply to me. This has helped me tremendously.

The couple selling the home didn't know anything about owner financing, so this is the blind leading the blind. Although, I have done a little more research than I believe they have. I would have taken a check to them next week.

I had no idea that mortgages were paid in arrears, so I'm not sure if my payments will start on August 1.

We are on a budget, but we do not want to skimp on anything that will protect us in the future.

Do title companies normally require payment for the services up front? Or will they allow payments to be made?

I think I've been so excited about the fact that we will finally become home owners, I just want to hurry and get it over with.

Thanks again for all of the responses. I'm sure I'll be asking more questions once I get the process going with the lawyer/title company.

My husband and I live in Tennessee, and made an offer on a home for $95,000 with $5,000 down at 6.5% for 20 years with owner financing. The owner's don't owe anything on the home and bought a new home a couple of years ago while letting the home sit vacant.

We received a call Sunday night letting us know that they will accept our offer.

So, my question is, where do I go from here? I'm trying to get this taken care of with the least amount of money possible. I know I need to get a lawyer to do the deed of trust and file it. But, I've seen at law depot, and other law websites that I can create this document myself for a cheaper cost. Would it be ok to do this?

What else do I need to do? Title search? How much do those cost?

Also, we agreed to start making payments on August 1, but we will be making the down payment next week. Is it normal to ask the couple if we can start cleaning the home before we move in?

Any advice/information would be helpful.