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Answers (7)
- Jennifer Countryman, "NoteWorld"
- Contributions:7
If you are considering seller financing as Patti mentioned below, it can be really simple. After some research you should discuss your options with your current realtor, or find a real estate agent who is knowledgeable about seller finance and use an escrow officer familiar with seller finance for closing. To handle all your account details, such as processing of payments and safe-keeping of documents, you should seek out a third-party payment servicer. NoteWorld Servicing Center is the nation's largest servicer for seller finance accounts. NoteWorld offers direct deposit, automatic withdrawal, monthly statements with account details, year-end tax reporting and more. If you would like to know more about NoteWorld or seller finance in general, take a look at this demo that explains everything!
http://www.noteworld.com/financing/demo.aspx
http://www.noteworld.com/financing/demo.aspx
- DaveAndersson
- Contributions:268
There will have to be verifiable down payment funds. If they were planning on using FHA, those funds would need to be 15% of the purchase price, not just 3.5% because this is an identity of interest transaction. This type of transaction can have some issues more so than an arm lengths transaction where the buyer and seller don't know each other.
- Don Groff, "Austin Texas Realtor"
- Contributions:355
Make sure you consult with your lender or broker as well if financing is involved. Many lenders have issues with non arms length transactions between family members. Just make sure that you disclose this fully at the beginning of the process to avoid any delays or issues that could arise from this.
- Patti Hessling, "phessling"
- Contributions:104
Typically, the first item to address is the financing issues. How is the sale going to be financed; a loan or seller financiing. If it is a loan, do they qualify for a loan for the amount you want to sell for? If you are going to do seller financing; is ther a mortgage on the property now and is there a due on sale clause. With lender financing, find a great loan officer with a lot of experience to assist in guiding you through the process. If you are going to do seller financing, talk with a realtor or real estate attorney with experience in contracts for deeds. Good Luck
- Sin Yi Lambertson
- Contributions:59
Find an independant, reputable escrow company in your area & they can help you.
- rockinblu
- Contributions:7202
I would shop around for either a real estate attorney, or an agent to make sure all the necessary i's are dotted.
I want to sell my home to my daughter and son-in-law. How do I start the process?
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