I have someone who will help me sell my house/houses via vendor finance, they have all the contracts etc needed. I don't want to bother them with applicants that won't work….so what is the normal type deposit required/requested for vendor finance and also repayments ( I currently am on 7.47% variable IO).
I am asking as I have just had an enquiry asking what the repayments would be and deposit required (house is 213000)
ThanksHi Linda
Before I get into answering your question, may I ask if the people who are helping you sell with vendor finance are in some form of "profit share" with you? I ask this because, if they are, I would have thought they would be fielding all questions from prospective buyers. At a mimimum I would have expected them to brief you on how to handle enquires.
May I also make a suggestion that you don't use "generic" vendor finance documentation (contract) for your first vendor finance transaction. For your first transaction I'd strongly suggest that you use a vendor finance savvy solicitor to ensure that all your paperwork is correct for your State and complies with the UCCC, if you use an Instalment Sales Contract.
Also, the questions you would ask prospective purchasers vary quite a bit between a Rent To Own sale and an Instalment Sales Contract (Wrap) sale. Have you decided which technique you'd prefer to use?
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi Paul,
No, havn't decided which way to go. Yes they said if I don't want to ask the questions then to have the prospective buyer contact them, i just though it would be easier fot me to have a few base figures to give to prospective buyers. He did mention the lease option or something as well.Thanks for the reply
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