Any websites or book recomentations
Thank You.
Oh, sorry about that. Seller-financing of a home. Is what I am looking to learn more about.
2 thoughts on “Where can I learn more about Seller-Financing?”
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http://www.note.com/note/seller_fin.html
Hope this helps! 🙂
What are you wanting to Finance??? A car a House???? Give me a clue in Additional Comments.
I will assume you talking of a house.
Mainly you just need a GOOD Contract.
When I financed my House, I found there some important things that need to be in the Contract. A Lawyer can help here, but, I was lucky and a Friend gave me the Contract he uses, so, I only needed to add a few extra details and change the Selling Price, Interest Rate and Number of Months of the Loan. I, also, included the Amount of the Down Payment. This is a Basic Contract between the Seller (You) and the Buyer (Them).
Things you need to consider:
Down Payment, Interest, Months, Payment per Month, What happens when they not pay (I gave 60 days and then opt for they lose and ALL money paid for rent). How and What Type Deed you will give at the end (Warranty Deed, Quite Claim Deed etc.) I do a Warranty Deed paid for by me. Sell the House and Property with/without warranty (I sell As-is no-Warranty) with a clause that they have Inspected the property, but, I am also fair and would do certain things IF it happened, like replace water heater if it goes out in 6 months, but, I let leave option to myself and not include in the Contract. This a little for you to consider. Hope it helps, wish I could tell more or even give you a Blank Copy of my Contract for Example. AND, know how to Amorize the Loan, how to handle the Payments.
One more thing; I also had where they can pay off the Principle without penalty and,,, Say the monthly payment $350 per month, they could pay $400 no problem and it help them pay off quicker. You need to really know how to do the MATH!