Advanced Seller Finance Class Outline
Explaining the different types of seller financing
- Trust Deed and Note
- All Inclusive Trust Deed and Note
- Uniform Real Estate Contract aka Contract for Deed and also aka Land Contract
Going over the different forms of seller financing
- REPC
- Seller Finance Addendum
- Uniform Real Estate Contract
Discuss Defaults & different foreclosure types
Case Study 1
Seller Owns property Free and Clear.
Buyer A has 5% Down Payment, had a bankruptcy 10 months prior. Job and income secure.
Buyer B has 20% Down, Has good credit, just recently purchased his company from his employer.
Case Study 2
Seller has an underlying debt
Buyer A has 5% Down Payment, had a bankruptcy 10 months prior. Job and income secure.
Buyer B has 20% Down, Has good credit, just recently purchased his company from his employer.
Case Study 3
Seller owes $655,000.
Sellers original Loan was $677,700 @ 6.25% interest rate on a 30 year fixed.
Buyer Offers $675,000. $200,000 down payment at 5% Interest
Problems that need to be solved.
a. The buyers note with the seller is significantly less than what the seller owes
b. Sellers existing payment is $1,600 more than the buyers
Q & A with a Real Estate Attorney
