Yes. However, seller financing is subject to state and federal laws. The Texas Real Estate Commission promulgates the Seller Financing Addendum (TXR 1914) for seller financed transactions. If the seller finance box in a TREC contract is checked, you must fill out and attach this addendum to the contract.
I feel that it is important that this article get some updated information. It is absolutely right but I see so many experienced and inexperienced agents thinking they Can owner finance the buyer but their is still an existing mortgage lien and in this case some may misunderstand. Many unsupervised or trained agents are so confused on this subject. Always great information. Maybe next article should read “Can a seller, seller finance a buyer while seller stills has a mortgage loan”.
I agree. I got burned on a transaction of this nature.
Burned how?
How does it work?
All leins should be free and clear.
Does this supersede the SAFE act of 2010?
do we use the third party in conjunction with the seller finance addendum?