1. First contact Broker Executives, Inc.
2. Find your Mortgage Paperwork if you owe a Mortgage on the property.
3. Whether you owe a mortgage or not, we'll need to conduct a CMA.
(CMA- Current Market Analysis gives us comparable sales in your area. This allows us to give an opinion on the property value)
4. Once we know the value, we'll need to assess whether offering an equitable title position or a legal title position will be an option for you. *Remember, if you have a mortgage on the home, you'll need to offer the seller carryback as an equitable title.
5. Once we know how the home will be listed, we can list it in the Multiple Listing Service. )
6. Once in the MLS, every buyer looking for an owner financing home, will see your home for sale.
7. Once a buyer is found, we'll screen the prospective mortgagor and verify employment, income, credit and job history on a 1003 Loan Application. This information is given to you upon receipt of contract for you to make a decision whether not you would like to carry financing for the buyer.
8. Once you agree to carry financing, we present the buyer with a counter offer based on the terms agreed upon. ( Years to carry financing, interest rate, title company, ect)
9. This contract is then presented to our preferred title company that specializes in seller carryback financing. Just like any sale, the buyer is allowed to have an inspection period and decide at the end of the inspection whether or not they want to proceed with buying the home.

What if I owe more than what the home is worth?

Sellers that are in a short sale position (owe more than what the house is worth) are generally not in the best position to offer a seller carryback. It's still possible, but if the home value is too less than what is owed by more than 50%, we will not accept your listing.

What is the costs of an owner carry listing?

Our Listing fee for a seller carryback is 6%. Of which 3% will go to the buyers agent if a buyers agent is used in the transaction. This amount is paid once the sale is closed.

What happens if the borrower defaults on a first deed of trust vs. an agreement for sale?

This is a very imporant question and it's not brought up all the time when listing a property as seller financing. If the borrower stops making payments on a first deed of trust, you will be forced to foreclose on the property. Arizona law mandates all foreclosures go through the court system and eventually be sent to auction. Any investor at the court house can bid on your property/note. If they have the funds to purchase the note, the court will award them the property and the funds received will go to pay off your note entirely. Which means, any potential equity that property has will be lost.

Can I bid on my own property that forecloses?

Yes; however, you'll need cash funds that are liquid when bidding on any foreclosure at the court house. You cannot use your security instrument or first deed of trust as cash. Once you have won the bid, the title will revert back to you.

How can I avoid a foreclosure on my note?

The easist way to avoid any foreclosure is to have your borrower sign a deed in lieu of foreclosure. This guarrantees the property will not foreclose and any potential equity in the home can be saved.

Are Land Contracts Legal in AZ? Equitable Title vs. Legal Title What is a Seller Carryback?

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