I love owner financing as a way to both buy and sell properties. The closing costs are less, the interest sometimes is better than traditional financing if I’m buying and when selling can be a little bit higher than the traditional market rate making me a considerable amount of money.
But, when I’m selling, I never, I say never have the payments sent directly to me. I use outside escrow services to collect the payments and then disperse the funds, first to my mortgage and my insurance and then the remainder to myself.
Why do I do this? Simple answer is when and if I ever have to go to court for non-payment, breach of contract, I have a neutral third party who has written documentation of exactly when payments were received and when payments were sent out. This makes it a lot easier in court to win because the judge knows a neutral third party isn’t going to lie about dates and amounts. (They have nothing to gain)
Now, this is why it is so important before you decide what escrow company to use to collect your payments that you investigate them from top to bottom with the BBB, past and current clients and especially investors who use these companies a lot.
You don’t want to hire a company that has only been in business less than a year and find out that when they go bankrupt that all your money as gone with them and be stuck with a huge liability and no court case if you should have to go to court ever to recovery either you money or your home.
For more information on protecting yourself when selling on contract, feel free to contact me anytime, I would be happy to serve you in all your real estate needs.
Todd Clark - Broker / Sales Coach
All Brokers Real Estate
Phone: (503)524-9494
Fax: (503)622-8739
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©2010 Todd Clark - Originally posted at Are you selling your home using owner financing? Don’t collect payments yourself or it could cost you!
Todd Clark and the Friendly Home Team
Knipe Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
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