Posted by Eric on August 11, 2010 at 10:42:28:
If you are considering doing seller financing, you
should actually take the 10 minutes to read your state
SAFE Act. You will find your answers there.
It is legit for a Reg Mortgage LO to offer their
services for a fee and 400-500 is normal but I don’t
know if the companies you are looking at are legit.
SAFE act in Texas (commercial property sale) - Posted by Tai
Posted by Tai on August 10, 2010 at 16:56:03:
Hi,
I am trying to sell a commercial property in TX.
would like to offer seller financing to make it more
attractive. This will be the only seller carry back deal I
do in this year. Anyone knows whether I would be exempt from
the SAFE act or the texas version of SAFE act?
also, I found some companies on google advertising a
service
for fees ($500) to act as the “mortgage broker” in seller
financing deals to satisfy SAFE act. are these legit?
thanks,
Tai
Re: SAFE act in Texas (commercial property sale) - Posted by David Krulac
Posted by David Krulac on August 11, 2010 at 06:23:02:
I don’t know the law in Texas, but the HUD model guidelines for the statee’s SAFE ACT does not include commercial, industrial or residential properties with 5 or more units. The model only applyies to residential up to 4 units and vacant residential lots/land.