seller financing - Posted by mannyhz

import · July 23, 2001, 1:09am

Posted by Jessie Watson on July 29, 2001 at 20:46:16:

If you would like to cash out the loan I may be able to assist you. WE BUY OWNER FINANCED LOANS AND/OR CREATE THEM AND CASH YOU OUT. USUALLY IT IS IN THE 90% RANGE WITH FAIR CREDIT. PLEASE CALL IF INTERESTED

import · July 23, 2001, 1:09am

Posted by mannyhz on July 23, 2001 at 01:09:05:

Ed I was wondering about something and that is how do you take a seller financing to the bank of your choice. How is it presented to the loan officer? Do they take it as a real investment on your part, the investors?

import · July 25, 2001, 9:53am

Re: seller financing - Posted by Tina

Posted by Tina on July 25, 2001 at 09:53:10:

Hi,

When I did my seller financing I used the Title Company. They set it up, collect the money and then send it to you. They do all this for a small fee, which can be charged to the buyers if wanted.

I have not had a bank do that and I don’t believe they will.

Best of luck to you.

import · July 25, 2001, 12:19pm

Re: seller financing - Posted by mannyhz

Posted by mannyhz on July 25, 2001 at 12:19:17:

So the title company will recognize it as a down payment on my part and then confer with the bank, so all I have to do is go through the bank for the loan correct?

import · July 25, 2001, 1:08pm

Re: seller financing - Posted by Tina

Posted by Tina on July 25, 2001 at 13:08:38:

Hi Manny,

You are wanting to do an owner/seller finace on a home that you are selling to a buyer. Right?

Once you have the contract agreement, go to a Title Company and have them set up an account for you. If there is no current loan on the property or will not be any other than your carry back then it is real simple. The Title company will collect the money from the buyer and then they send you the money. They can set it all up there.

Do you or someone else have a loan on the house currently? If so you can set it up at the Title company to collect the money from your Buyer, the Title Company will make a payment to the current loan and then send the remaining amount to you. This way you know that the current loan is being paid for and you get the money that is suppose to come to you.

The Title Company keeps track of all the transactions and takes care of the legal end as well.

Either way a bank is not needed in this type of trasaction.

I hope I have understood you.

Best of Luck