I have a deal I’m putting together and one of my offers to the seller includes the seller financing to me. I’ve got the Promissory Note drafted (just need to run it by my attorney and make sure the we’re in compliance). For anyone else who has done this, what service are you using to service the loan? I use Yourlandloans.com for my own seller financed sales, but this time I’m the buyer and YLL isn’t set up yet to be able to handle servicing where we (the investor) are acting as the buyer.
How difficult would it be to explain to the seller how YLL works, maybe even walk them through creating an account and getting them into the site? It’s probably not that complicated, depending on their level of sophistication.
The alternative would be to hook them up with a loan servicing company, but honestly, this wouldn’t be that much easier than working with YLL, and would definitely be more expensive.