When we sell a property and owner finance it we pay an RMLO to take an application, process our loan, and make sure we are meeting all current state and federal laws. I have found that doing a preliminary application on our buyers can save us thousands of dollars a year. Our application is called preliminary because it is re-done by the RMLO in finer detail if it looks like they may qualify. I’m attaching a copy of the pre-application we use as a basis to find out if the buyer is credit worthy enough to enter into a contract with. We often find a buyer is not going to meet state or federal guidelines in advance of having them meet with the RMLO which can save them and us money and time.
Please feel free to use our pre-application as a guideline but if your sale is subject to state and local regulation an RMLO processing the loan can limit your liability.
You can use this as a guideline to write your own and make it specific to your needs. The above information should not be considered to as legal advice. Please seek legal counsel before using any of the information or documents posted on our site. We are based in Texas, every state has its own laws, rules and regulations. The examples shown are the ones I use here Texas. If you have a note to sell please feel free to contact us, we would be happy to make an offer.
Best of Luck,