Real Estate For Fun And Profit » seller financing http://realestateforfunandprofit.com Fri, 30 Jul 2010 11:35:07 +0000 en hourly 1 http://wordpress.org/?v=3.0 The seller is offering Seller Financing ? Is this an advantage for me the buyer ? http://realestateforfunandprofit.com/the-seller-is-offering-seller-financing-is-this-an-advantage-for-me-the-buyer/ http://realestateforfunandprofit.com/the-seller-is-offering-seller-financing-is-this-an-advantage-for-me-the-buyer/#comments Tue, 27 Jul 2010 12:21:27 +0000 Anon The seller is offering Seller Financing ? Is this an advantage for me the buyer ? Is 9% a good interest rate ?


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]]> http://realestateforfunandprofit.com/the-seller-is-offering-seller-financing-is-this-an-advantage-for-me-the-buyer/feed/ 2 First time home buyer with seller financing? http://realestateforfunandprofit.com/first-time-home-buyer-with-seller-financing/ http://realestateforfunandprofit.com/first-time-home-buyer-with-seller-financing/#comments Sun, 11 Jul 2010 12:13:25 +0000 Anon Okay we saw a home that we LOVED right location for our children and perfect amount of room but its seller financing. How does that work? do they check credit for that? do we get the loan for the home? sorry I dont mean to sound so clueless but I want to know what i would be getting myself into.


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]]> http://realestateforfunandprofit.com/first-time-home-buyer-with-seller-financing/feed/ 4 What is a seller financing contract? http://realestateforfunandprofit.com/what-is-a-seller-financing-contract/ http://realestateforfunandprofit.com/what-is-a-seller-financing-contract/#comments Fri, 04 Jun 2010 12:14:52 +0000 Anon What is a seller financing contract?


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]]> http://realestateforfunandprofit.com/what-is-a-seller-financing-contract/feed/ 2 Seller Financing – what docs need to be provide at closing? http://realestateforfunandprofit.com/seller-financing-what-docs-need-to-be-provide-at-closing/ http://realestateforfunandprofit.com/seller-financing-what-docs-need-to-be-provide-at-closing/#comments Fri, 21 May 2010 00:03:05 +0000 Anon I am working a small condo deal and we are going to offer seller financing, what docs need to be included with the mortgage package?

TIL
Good Faith Estimate
HUD 1 Settlement

What else?

~Thank you.


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]]> http://realestateforfunandprofit.com/seller-financing-what-docs-need-to-be-provide-at-closing/feed/ 2 How does seller financing work? http://realestateforfunandprofit.com/how-does-seller-financing-work/ http://realestateforfunandprofit.com/how-does-seller-financing-work/#comments Sun, 16 May 2010 00:04:59 +0000 Anon Hello,

I am trying to buy a commercial property from someone that has the property "For Sale or Lease." Does anyone know how "Seller Financing" works? Any tips or experiences would be greatly appreciated :-)


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]]> http://realestateforfunandprofit.com/how-does-seller-financing-work/feed/ 2 How to protect seller/owner of owner financing ? http://realestateforfunandprofit.com/how-to-protect-sellerowner-of-owner-financing/ http://realestateforfunandprofit.com/how-to-protect-sellerowner-of-owner-financing/#comments Tue, 11 May 2010 00:09:38 +0000 Anon How can the seller make sure he gets the property back or forecloses the property if the buyer doesn’t pay ?

Im looking for seller financing contract but most of them only say the borrower pays a late fee..


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]]> http://realestateforfunandprofit.com/how-to-protect-sellerowner-of-owner-financing/feed/ 3 What documents are necessary for seller financing a vacant building lot? http://realestateforfunandprofit.com/what-documents-are-necessary-for-seller-financing-a-vacant-building-lot/ http://realestateforfunandprofit.com/what-documents-are-necessary-for-seller-financing-a-vacant-building-lot/#comments Wed, 05 May 2010 12:07:06 +0000 Anon I have a lot that I want to sell on monthly payments through seller financing in Pennsylvania. I don’t want to use a land contract. Can I just use a standard purchase and sale agreement which states the terms, ie payments, etc. or do I need additional instruments as well like a note, vendor’s lien deed, etc?
Does the deed go to the buyer or does the seller keep it. Also does the deed have to reflect the existing lien?


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]]> http://realestateforfunandprofit.com/what-documents-are-necessary-for-seller-financing-a-vacant-building-lot/feed/ 5 More on HR 1728 http://realestateforfunandprofit.com/more-on-hr-1728/ http://realestateforfunandprofit.com/more-on-hr-1728/#comments Mon, 15 Jun 2009 13:31:50 +0000 dean http://realestateforfunandprofit.com/?p=102 Have you called your Senator? LC Kelly sent me a script of a great conversation that she had with one of her Senator’s staffers. Click the link to get and get motivated!

Even though I reported that Senator Dodd is indicating this bill will die in committee, you should still call. The Senator could change his mind, or he could have been misquoted. Also, the folks in Washington DC need to hear from us or they will pretend to know what we think.
Give them a call!

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]]> http://realestateforfunandprofit.com/more-on-hr-1728/feed/ 0 Update on HR 1728 http://realestateforfunandprofit.com/update-on-hr-1728/ http://realestateforfunandprofit.com/update-on-hr-1728/#comments Fri, 12 Jun 2009 20:41:03 +0000 dean http://realestateforfunandprofit.com/?p=99 Yesterday, I sent out an email to a bunch of folks expressing my concerns about this bill. My broker forwarded my email to a contact who is involved in lobbying for the National Association of Realtors (NAR). I don’t have permission to post the entire response, but I will give the synopsis.

It looks like this bill will die in committee because it is not a high priority item for Senator Dodd (chairman). Dodd’s comments appeared in a May 28th release of Inside Regulatory Strategies and these comments indicate that he believes that the collapse of the sub-prime mortgage market has reduced predatory practices and 1728 is not really needed at this time.

Evidently, the original language in the bill caused real estate agents to be classified as ‘mortgage originators’ as well as ALL sellers who provide seller financing. NAR was involved in getting the current language to both exclude real estate agents and to provide some exclusion for sellers who provide financing (the 1 in 36 month exclusion).

It sounds like NAR supported seller financing, but could not convince the bill writers to provide a complete exclusion.

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]]> http://realestateforfunandprofit.com/update-on-hr-1728/feed/ 1 Disappointed with Bill Bronchick http://realestateforfunandprofit.com/disappointed-with-bill-bronchick/ http://realestateforfunandprofit.com/disappointed-with-bill-bronchick/#comments Fri, 12 Jun 2009 04:17:52 +0000 dean http://realestateforfunandprofit.com/?p=93 There is quite a bit of email being sent regarding H.R. 1728: Mortgage Reform and Anti-Predatory Lending Act (see it yourself). Wendy Patton describes it here.

Bill Bronchick started a thread over at CRE Online stating that he did not think investors had anything to worry about regarding the bill.

Unfortunately, in the followup thread started by James (James 17:16:43 06/09/09), Bill (William Bronchick 11:43:47 06/11/09) reveals another side with the comment:

Licensing, in my opinion, is a good thing. It weeds out competition so I can charge more for my houses. Getting licensed is not that big a deal, a surety bond only costs a few grand. If you don’t want to be licensed, then have a licensed originator do it for a small fee and charge that to the buyer. In fact, you’ve given me an idea – I will get licensed in my state and charge others $1,000 to draft a few documents!

So we went from ‘no problem’ to a limited number of people with licenses (or an extra expense) being able to use seller financing.

Disappointing!

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