Seller Financing Against The Law?

Filed in General, Market Information, No Money Down by on August 13, 2010 0 Comments

The new updates to the SAFE Act for mortgage brokers in Colorado makes it harder to do business as a real estate investor.  Specifically, this new law will change the way you do business if you sell your properties with owner financing.

As of August 11, 2010 you now need to be or need to involve a mortgage broker or attorney to offer financing on a property you sell to an owner occupied buyer.

This does not include property that you were living in but does include almost everything except a lease option.  I can see how a lease option could be included in this law if not done correctly.

Read the full summary for DORA here.

Pine Financial in considering offering a flat fee service to help you get your properties sold with owner financing.  Please contact our office if this service is something you would be interested in.

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