Re: seller financing - Posted by Tina
Posted by Tina on July 25, 2001 at 13:08:38:
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