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Want to be a hero to your clients who carry back owner financing?

We suggest that you consider negotiating the following items into the transaction at the time the property is sold.

  • Amortized monthly payments on the note
  • Market interest rate for private financing
  • Late charge
  • Due on sale clause
  • Tax service, especially if the property isn’t local
  • Request for notice of default
  • Request for notice of delinquency
  • Fire insurance coverage with lender endorsement
  • Title insurance policy with lender endorsement
  • Copy of the property appraisal for the seller
  • Copy of the buyer’s signed loan application
  • Copy of the buyer’s credit report
  • Certified copy of the fully executed senior lien(s)
  • Copy of any special report done on the property, e.g.: Building, Septic, Well, Pest Control, Environmental, Soil, Engineering, Survey and Others.

Why are you a hero? Because you have maximized the value of the Note and TD or Mortgage in the event the seller wants to sell all or part of the note prior to its maturity.

Be sure to remind the seller to keep in a safe place all the above PLUS the original note, trust deed (or contract or mortgage), title policy, seller’s, financing disclosure statement and escrow closing statement.

If you have any question, please call or email Neil Steadman, Note Broker. Neil holds the professional designations of GRI, CRS, CRB and works with seller carry back notes on a nationwide basis. He is also Certified Mortgage Appraiser.

Website: www.neilsteadman.com           Email: neil@neilsteadman.com

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    neil@neilsteadman.com | CA BRE License #00461906