Return to the Buying and Selling Homes Forum | Post a Follow-Up

 o
owner financing, how to go about it

Posted by girlndocs (My Page) on
Sun, Mar 7, 10 at 21:33

How hard is it to properly owner-finance a home that's owned outright (in a way that legally protects both seller and buyer)? What resources would be a good place to get an idea of how this would be done?

Thanks!


Follow-Up Postings:

 o
RE: owner financing, how to go about it

Hi girlndocs,

Your best bet is to start by surfing www.CREOnline.com
That's where the creative real estate folks hang out.

After you get well oriented with how sellr financing is done, you'll want to hook up with a local creative real estate attorney to review the documentation you structure.

Luck!
Dave Donhoff
Leverage Planner


 o
RE: owner financing, how to go about it

You do not really need a lot of creativity to create a note that is held by the seller, with all the regular terms for a note holder to foreclose.

I have done it a couple times, and the standard secondary market note & deed of trust/mortgage note has plenty of protections.

You are likely to need a local RE attorney to draw up the note.

If you want to change anything state law regulates note terms also and can be a real mine field for things like foreclosure terms.


 o Post a Follow-Up

Please Note: Only registered members are able to post messages to this forum.

    If you are a member, please log in.

    If you aren't yet a member, join now!


Return to the Buying and Selling Homes Forum

Information about Posting

  • You must be logged in to post a message. Once you are logged in, a posting window will appear at the bottom of the messages. If you are not a member, please register for an account.
  • Please review our Rules of Play before posting.
  • Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review your post, make changes and upload photos.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • Before posting copyrighted material, please read about Copyright and Fair Use.
  • We have a strict no-advertising policy!
  • If you would like to practice posting or uploading photos, please visit our Test forum.
  • If you need assistance, please Contact Us and we will be happy to help.


Learn more about in-text links on this page here