I'm reading a book right now that keeps mentioning how seller financing is one of your best options to buy properties starting out in real estate investing...
I'm just wondering how seller financing works? Will the property be in your (the buyer's) name or will it remain in the seller's name until you've paid on whatever terms you agree to? Is the deed registered in your name when you purchase or does it stay in the seller's name?
How does it work when you sell the property since it seems to be an informal agreement? Would it still work the same way where you would obtain a payoff from the seller and the funds are wired into their account on the day of closing? Do you even have the right to sell without getting the OK from the seller first?
Are there certain types of properties in which seller financing may be the better option vs. something else? Meaning, is this something you might do for lower priced properties, but would definitely stay away from when you are getting into mid to upper class properties? Or is this better when dealing with FSBO vs. properties listed with an agent, etc?
It would make sense that this is an avenue to allow me to purchase a property but I guess I just don't feel I know enough to feel comfortable moving forward at this point.
Sorry for all of the questions everyone!
I'm just wondering how seller financing works? Will the property be in your (the buyer's) name or will it remain in the seller's name until you've paid on whatever terms you agree to? Is the deed registered in your name when you purchase or does it stay in the seller's name?
How does it work when you sell the property since it seems to be an informal agreement? Would it still work the same way where you would obtain a payoff from the seller and the funds are wired into their account on the day of closing? Do you even have the right to sell without getting the OK from the seller first?
Are there certain types of properties in which seller financing may be the better option vs. something else? Meaning, is this something you might do for lower priced properties, but would definitely stay away from when you are getting into mid to upper class properties? Or is this better when dealing with FSBO vs. properties listed with an agent, etc?
It would make sense that this is an avenue to allow me to purchase a property but I guess I just don't feel I know enough to feel comfortable moving forward at this point.
Sorry for all of the questions everyone!
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