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provide seller financing. This will help you find a buyer more easily; you'll also receive higher interest front this type of loan than from most other investments. The risk is that the buver might renege on the payments.
II the buver arranges tor an FHA or VA loan, you’ll probably have to pay a loan fee, called points. This is to compensate for the lower interest rates on these ty pes of loans.
Your agent will handle direct negotiations for you. If you’re involved in the financing, you may want your attorney present.
The contract states the price and all other terms ot the sale. Sign it only when you are completely satisfied with it. L<x)k it over carefully to make sure it covers everything you yvant included. Consider:
• Hoyy much you’ll pav in closing costs.
• Which items of personal property' the sale includes and excludes.
• The date the buyer wil inspect the premises before the sale is completed.
• When the buyer will take possession of the house.
• How and when the buy'er will qualify for the loan. After you and the buyer sign the agreement, you’ll receive a deposit (earnest money) from the buyer.
The amount is subject to negotiation, but it is in vour best interest for it to be substantial. The contract will c state how much, if anv, of the deposit you can keep if the safe falls through.
Once you and the buyer sign the , agreement, escrow begins.
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