seller financed mortgage notes: I Take it Back! Seller Carry-Back Financing Leaves Sellers Holding Unwanted Paper
- 02/09/11 03:51 PM
So, you had a transaction that just couldn't get done without seller financing. The seller didn't "need" cash for all of his equity right away, but he did need to get the house sold, so someone (you, the buyer, maybe the seller) suggested that the seller could accept some of the purchase price from the buyer over a period of time. A seller-financed mortgage note was created, and "they all lived happily ever after." Er....wait....not so fast. I mean, sure, it happens that way sometimes, but there are a couple of things those sellers need to know. that property insurance that you … (1 comments)
So, you had a transaction that just couldn't get done without seller financing. The seller didn't "need" cash for all of his equity right away, but he did need to get the house sold, so someone (you, the buyer, maybe the seller) suggested that the seller could accept some of the purchase price from the buyer over a period of time.
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