Tagged: seller financing
JoeParticipantOctober 30, 2018 at 5:20 pmPost count: 16
I am selling a property with financing in Pennsylvania. I spoke with an attorney and he recommended I not record anything at the county until the property is paid in full. That way if they stop paying I don’t have to go through forclosure. I wanted to use a loan servicing company but it seems as though they will only get involved if I have something recorded at the county. Anyone have any experience with this sort of thing?Modern Asset ManagementParticipantNovember 7, 2018 at 12:12 pmPost count: 7
Congrats on the sale!
We’ve been at this for a bit. Attorney is correct, by selling on an installment contract borrower isn’t on title till paid in full. Your contract should include clause that buyer pays property tax and is in default if late.
Mortgage servicers aren’t hot for land contracts. Since they’re not underwritten by licensed mortgage loan originators they are skittish. Madison Management or Allied might take you if you have more than one and an attorney closed your transaction. Google mortgage loan servicers. Look for smaller shops. Somebody servicing for FHA won’t be a good fit.
We buy these kinds of notes. And create our own seller financing deals. Our software handles all the details, 1099, amortization, collection notices, etc. I just put up a post on the deal board. Erin says I can’t market here 🙂JoeParticipantNovember 7, 2018 at 12:23 pmPost count: 16
Thanks for your input. I asked my attorney to put a clause that I will pay property taxes and a 1/12 amount will be added to their monthly amount and it will be subject to change if the taxes go up.
I’ve decided to just service the loan myself through Zimple Money. Are you saying you service these notes for others or just buy them? I would be interested in both of those. Do you have a website with information or contact info you can send me?
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