All Forum Posts by: Vince Craig

I always try to avoid a balloon... When the seller gives me kick back I offer something like an ARM. So we will do fixed for say 5-10 years then we will increase the rate .25 or so each year. I try to explain that in the event we can refi sooner I will, however why have a ticking time bomb... It can be bad for both parties... Also, the risk of a balloon is higher in markets where appreciation generally slow, so the market your in matters.

Why not just offer all three? Something like... Mr. Seller, We really want to make this deal happen. We've structured three ways we see this working. If any of these work let's get it done... If not, please help us understand how we can come to terms... 

Everyone has given great Advise. At the end of the day a title company/RE Attorney could help sort this out for you. As for the loan, It would be nice if you found a property that would sell on terms...  I'm an Realtor in Utah and and specialize in Seller Financing, I'm happy to help. 

Question On Seller Financing Terms being offered... Is it a 7 year Amortization or 30 year with a 7 year call? 

Not sure if you're considering selling to the tenant on Seller Finance but if you are I'm happy to walk you through it. You do NOT want to do a sub-to... You'll want to use either All inclusive deed of trust or what we call in Utah "Contract for deed" 

1. Warp/Note and All inclusive deed of trust

The underlining Mtg stays in place. Buyer and seller negotiate how to handle any equity left in the deal. In this case the title to the property is transferred at settlement.
In case of foreclosure a Judicial foreclosure is required. 

12 months seasoning is required for seller to get 75% credit for note income.
You could Look at providing a lease option to a lender to get around this.

https://drive.google.com/file/d/1x9YxDJkdfBjdIfDar9MzZylLIbc...

 Hope you got registered for the zoom, let me know if you need the link