Seller Financing Question
I have a buyer for my house he is putting 40% down and i would like to hold a first mortgage with interest only with a two year ballon. Lender would not give him the loan because i have only owned the house for two months.
can anyone recomend where i can get the note and mortgage forms for this? i checked the fannie mae site but they dont seem to fit what i want to do most of the forms say principal and interest.
Can anyone recommend a good seller financing book or course?
anything else i should watch out for when seller financing?
Thanks
Use a title/escrow company. You need to get it recorded anyway. They should have an attorney that can draw up the paper work for you. My escrow company usually sees me right through the whole process whenever I need to carry.
A good title company should have a note and mortgage for you. My experience is that they dont charge for the form or filling it out, they will make there money on the closing. They will also record the mortgage and allow you to state what the terms of the note are.
Yes, you can create your loan the way you want, meaning create a New Note & Deed of Trust or Mortgage, record it. Then turn around and post for sale. Then live long & prosper.
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