Hi,
What terms/provisions are important when we are asking the seller to do a seller carry? @frankrolfe mentioned about the cure period. Anything else other than Interest rate, amortization years, down-payment, cure period - that needs to be included in the seller carry agreement?
Remove any restrictions regarding annual lump sum principal payments.
DallasMHP,
Here’s one you MUST have in a seller carry note: No Personal Liability/No Personal Guarantee.
I’ve done dozens of SFH and small commercial seller financed deals and I’ve NEVER signed personally. And I never will.
Keep us Posted,
Mike
Thank you mhmike. Much appreciated.
You are right, the only guarantee if we default is the down payment and park going back to the seller.