Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer
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Just be aware, that chances are most of the people you will deal with that want owner finance will have bad credit. That's why they want owner finance, as they cannot get credit from a bank.
Probably what you want is a LOAN application. I'm sure somewhere in a google search you can find one.
As my attorney often says......look at the banks ...they have all kind of economists, underwriters, experience, models, systems, history and expertise on lending and they often can't get it right. Why on earth do you think you can do better? Not saying you can't, but I think it is a good question. The other thing he says is that the lending laws are pretty strict and tough to follow. For example let's say the buyer is 3 months late and calls for a September 13th payoff. Can you accurately calculate the payoff? How familiar are you with escrow account laws? If you can't do this to the penny or screw up the escrow account, they may be able to come after you for a lot more than you loaned them and tie up your house. Then you'll wish you had never ever never heard the word owner finance.
Just something to think about.
However, I do agree with Lynn that you should definitely make sure your paperwork is buttoned up and that you are very well educated on this process. She has a good point that if you don't know what you are doing, the likelihood of being sued is quite high. Professional Realtors and Mortgage Lenders go through extensive training in their field prior to being licensed and then must complete continuing education annually to ensure that we are updated on the most recent changes in the industry.
Additionally, you (or your boss) as the home seller have rights in this type of situation. You will want to be educated on those as well. What if the buyer doesn't pay? How do evictions work? How much do they cost? How long do they take? How does title convey with your lien? How much interest can you charge? There are sooo many things to take into consideration.
Keep in mind, that since you are involved (even though you don't own the property) you can be liable for incorrect information or errors.
Good luck out there! I hope that you find the information you need and that you get a speedy sale.
Melissa Hailey - North Texas Top Team, Realtors
Coldwell Banker Jane Henry Realtors