Jackson Stieb, eXp Reality (eXp Reality)

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Rainer
414,086
Caroline Gerardo
Licensed in 20 states - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Seller financing ought to be at 8% rate minimum 1st trust deed with 30% down and real bank appraisal. Rate as second should be 12 - 18% If borrower is a risk rate ought to be higher with less than 10 year paid in full term. Have an attorney /and or Realtor review all your contracts / documents and pay them. I would not want my Mom trying to collect on a note or foreclosing on someone. Pay a servicing agent to collect. 

May 18, 2016 07:58 AM
Rainmaker
4,553,303
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

As Tony and Suzanne Marriott, Associate Brokers might answer:  parked and reading.  

May 19, 2016 12:02 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

I'll defer to a lender's opinion on this

May 18, 2016 11:32 PM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I would advice them to consult a lender.

May 18, 2016 11:40 PM
Rainmaker
5,191,627
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

At current rates, why would a seller hold paper. If credit is an issue the rate had better cover the risk. Depending on the state foreclosure or regaining possession can be difficult and expensive!

May 18, 2016 11:19 PM
Rainmaker
7,788,814
Roy Kelley
Retired - Gaithersburg, MD

I like the answer by Caroline Gerardo

May 18, 2016 11:13 PM
Ambassador
6,353,591
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Land contracts can be dangerous, if this person cannot get a loan there is likely a reason.

And everyone who the buyer owes money to will be able to attach a lein to this property the minute it closes.

Makes if difficult to foreclose if they do not pay.

May 18, 2016 08:06 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I am not a fan of land contracts so owner financing woudl be my preference.

May 18, 2016 12:50 PM
Ambassador
3,727,581
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

It amazes me that there are markets in this country where it's necessary to offer seller financing to get a house sold - unless they want to earn interest on the note.

May 18, 2016 10:14 AM
Ambassador
2,161,126
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

Don't do this without a lawyer.  Don't buy rack forms.

May 18, 2016 08:40 AM
Rainmaker
1,046,444
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

CAR forms should have all that stuff . . . and as far as whether a contract for deed/land contract or note and deed of trust . . . that is gonna be an attorney question. We don't use the former in AZ any more . . . carryback financing is via a note and DOT.

May 18, 2016 08:19 AM
Ambassador
2,679,159
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Depends upon the State.  Use a Lawyer.

May 18, 2016 08:10 AM
Rainmaker
908,608
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Attorney should be used.

May 18, 2016 08:07 AM
Rainmaker
2,775,621
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

There are so many dyanmics here that a general comment is all I can give. At the end of the day, the first is carried by the seller with appropriate paperwork. If the down payment is not sufficient, the risk is higher.

May 18, 2016 06:49 AM
Rainmaker
1,157,785
FN LN
Toronto, ON

What jurisdiction are you in?

May 18, 2016 05:17 AM
Rainmaker
1,839,906
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

SFA = ya got me there. Why wouldn't you want your mother in law to get 100% of her money?

May 18, 2016 04:59 AM