BUYING OR SELLING A HOUSE WITH SELLER FINANCING

Mr. Cann helps you buy or sell a house with seller financing.

We are loyal.  We only represent the seller, or the buyer, not both.  If more than one person is involved in the transaction, we represent you as a group regarding the transaction but we do not represent you among yourselves.  If you are buying or selling property together with another person you need to have an agreement about what happens if you no longer are in agreement about the management or ownership of the property.

Usually a title report is needed by both buyer and seller, to answer some of the questions here.  Things we need to know:

What property is being sold?
Is it a residence?  How many units? Will the buyer occupy it or one of the units?
Who is buying the property?Are there going to be inspections? and how long is allowed to get those inspections? - we recommend that buyers obtain inspections

Is there a written agreement already?  Please bring it.

What is the price?  What is the down payment?  Over what period of time will the balance be paid, and at what interest rate? With what balloon payments?

Will the buyer be allowed to sell the property without paying the full purchase price?
Will the buyer be allowed to occupy before closing, or the seller to occupy after closing? - we recommend against this in all circumstances

Is the property habitable?
Has there been work done on the property recently?
Does the buyer expect to do any work on the property?

Where will the transaction be closed?  Usually at the title insurance company that will insure the sale - and we recommend against buying or selling property without title insurance.

There are four methods of documenting seller financing in real estate transactions, each has benefits and problems for buyer and seller:

-    lease option - we generally recommend against this method for both buyers and sellers
-    land sales contract
-    deed, note and mortgage
-    deed, note and trust deed

Is there anything you believe to be unusual about the transaction?
Is there anything in particular you are worried about?