Seller Financing Questions
I have quite a few questions. I know nothing about seller financing so please bare with me. If you know of a website that can educate me on this specific topic, I would greatly appreciate the referral. In addition to that, I am reading all the posts that I possibly can on this website to educate myself. Thank you for whatever help you can provide. Here it goes with the questions:
How do you go about getting a seller to finance a portion of the sale?
Are there special documents on the internet that I should get the seller to sign? If so, please send the link or whatever ideas you may have. Also, please provide me with any additional clauses you may have that should be insert into the document.
Should I base the percentage a little above bank rates, CDs and/or savings account rates?
If I am asking for seller financing, do I have to bid the asking price in order to get the seller financing?
How long is a reasonable time for the buyer to pay back the seller?
If the seller decides to finance, is the money put into escrow and that amount is sent to me or the lender at closing?
is that for a comercial property? the RE agent might be able to help, but I doubt you could find a mortgage officer with contracts to hand out. You would have to find a lender that would be willing to finance 80% with the cltv (combined loan to value) at 100%, and that means you would have to qualify with a higher fico
I am interested in purchasing a 14 unit appt
and want to know the best way to purchase it woth no money out of poket, the seler is motivated
how would i go about writing the deal for him to hold back paper so i dont have to come up the the down payment ? any information would be helpful