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. Both the buyer and the seller should hire their own appraiser to determine the value of the house. The seller receives an appraisal in order to select a price for the home, and the buyer gets an appraisal to confirm that the selling price is fair. You can find an appraiser in the following ways: look in the Yellow Pages ask for a referral from a mortgage company, bank, or realtor contact your state's licensing agency Both parties should work closely with a real estate attorney. A real estate attorney can draft all of the necessary paperwork. The attorney can also protect your interests. For example, the buyer can include a protection clause just in case the property has to be sold in response to a life changing event, job relocation or loss, divorce or death. You can get a referral to a real estate attorney by contacting your local or state bar association. Bar associations are organizations made up of attorneys, and they often provide referrals to their members or can help you find an attorney. A Residential Mortgage Loan Originator can give you advice on how to manage owner financing in a way that is transparent and compliant with regulations. When you owner finance a home, you are essentially providing the buyer a loan until they complete their payments on the home. Since you want your agreement to be clear and binding, it's good to work with a mortgage professional. Your RMLO can help ensure that your owner financing documents are compliant with the Safe Act and Dodd Frank Act. Make sure your RMLO is properly licensed by your state. Check with your state's Department of Business Oversight or equivalent state office to check.
Hire an appraiser Hire a real estate attorney. Get advice from a Residential Mortgage Loan Originator (RMLO).