Is anyone doing seller financing deals in PA? Any suggestions on how to structure these? I currently have a deal under contract with a seller who is very interested in holding the note/mortgage etc. I would like to purchase the home using seller financing as it is what he wants - and then we are going to lease option the home to a tenant buyer. I emailed the details to my real estate attorney who said No way, no how… its ILLEGAL. Any loop holes or ways around this?? Any input is appreciated. Thanks! April
We were at the seminar where the Banking Secretary said:
“With feedback and input from your industry and others, the Department of Banking took this position on the ‘seller financing’ issue: it is permissible for an individual to make or broker as many as three mortgage loans annually without needing to be licensed,” Moyer said. “Legislation has been developed and will be introduced soon that would make the requirement statutory."