What is Seller Financing?

We work with Buyers and Investors by assisting in the following purchase process for Seller Financing:

• All listings that we provide to Buyers and Investors from the MLS already has established the payment of a Buyer Agent Commission from the Listing Brokerage. 
• We set you up on a listing alert for homes where the Seller has confirmed they will be offering Seller Financing or Owner Financing as an option for financing the home. You can elect to receive these email notifications daily, weekly or monthly.
• Once you receive a property that you are interested in more information, you will select "Get More Information" and it will send a notification to our team to connect with you.
• We would contact the Seller or Listing Agent to confirm that the property is available for Seller Financing or Owner Financing.
• We provide you with the details received from the Seller on their terms. We confirm the loan terms with Seller. Most will have short term loans (7-10 year). If so, we check to see how long the ammortization of the loan is and if there is room to negotiate the loan to be amortized for 30 years. This means that there will be a balloon payment at the end. Some Sellers will carry even up to a 30 year loan but they tend to be institutional investors.
• If the home of is interest, we can run a preliminary title report prior to submitting an offer. The cost for this is $150. This report confirms ownership and allows us to confirm if the property is free and clear of any loans. It will also disclose any filed liens at the county courthouse for the property. 
• We confirm with the Seller that there are no prepayment conditions or penalties. This way the buyer can refinance anytime without fear that the Seller will charge a penalty for paying early or refinancing at a future date.
• We confirm the Seller's loan conditions. What will the Seller want or need for approval? Some Sellers request credit report, bank statements or tax returns. Some Sellers only require a credit report.
• We confirm if there are any other charges besides PITI (Principal, Interest, Taxes and Insurance). Some Institutional Sellers will charge a recapture (5%-15%) fee at the time of future sale for having done the loan.
• We always recommend the Buyer hire an attorney to guide them with any legal advice.
• We complete all sale contract paperwork and the Seller Financing Addendum.
• We create a preliminary amortization schedule and have Buyer acknowledge it as part of offer so they understand what potential monthly payments can be. 
• Buyer can decide if they want an inspection. We always recommend to Buyers to have a General Inspection. 
• Buyer can decide if they want an appraisal. We always recommend to Buyers to get an appraisal for their assurance.
• Buyer may choose to receive existing seller survey. We always recommend for Buyer to have a new survey. A Buyer can choose to receive a Seller's existing survey and an affidavit (T-47) if the survey is not copyrighted or if the Seller has written permission to transfer existing survey.
• We get to closing!

If you or anyone you know is looking to purchase a home or investment property through Seller Financing, we can assist you in your purchase! Let our knowledgable team help grow your portfolio inventory.