Comments on: How to Get Seller Financing for a Home

on 5/7/2008 Great information. Also make sure you have the new transaction managed by a reputable third party servicer. The headaches it will eliminate, from keeping track of original documents, proper application of principle, and year end tax reporting, can be the difference between a positive situation and a disaster. Check it out for yourself visit the best third party servicer in the US at: http://www.NoteWorld.com

on 3/3/2008 You can sale the Note (mortgage) for cash and you don't need to worry any more for payments www.cash4cashflows.com/nyanay
Summary of Seller Financing
The benefit of seller financing

Many home owners dread being involved in a situation where a property they've listed for sale has been sitting unsold for too long. The basic reason is usually the same - the asking price is too high for the market conditions.

In these situations, the seller is forced to lower their price in hopes of making the property more attractive to buyers. Unfortunately, this technique doesn't always work to sell the real estate, especially if the seller is unwilling to "discount" their house by much, or if the market is weak.

A great solution for the seller is to open up to an entirely different segment of buyers by offering seller financing. This way, the property owner can often sell their house for th

on 8/28/2007 Thank you for writing the how to seller finance a property. I have been trying to get a straight answer on that for a while. I only wish you told how to set up the escrow, record the lein, record the land contract etc portion of it. All-in-all it was a great article. Thank you!!

on 8/8/2006 If the seller is interested in seller financing, but needs cash at closing, you can suggest a simultaneous closing. The seller would sell the property, taking back a mortgage and then turn around and sell this mortgage note at closing for cash.

on 11/22/2005 For sellers of single family residences, set your note rate above 9% and avoid balloons shorter than 7 years. If you ever sell your note, its value will increase significantly in the secondary market. Good tutorial can be found at Noteworld.com.

on 11/22/2005 In order for you to deduct the interest paid to the seller on your income tax return, you're going to need the seller's Social Security number. (The IRS matches to make sure the seller is declaring the interest earned.) Get the SSN when you sign papers.

on 11/22/2005 If the buyer is also taking out a conventional loan, then the seller's loan could be secondary. If the buyer defaults, then the seller could lose. This is why it's good to engage an expert before finalizing such an agreement.

on 11/22/2005 If homes aren't selling in your community, then agreeing to carry paper for the buyer of your residence is good for you, too. Have your bank, attorney or an escrow company do the paperwork to protect yourself and show you what you need to do.