Posted on: 29th Jun, 2004 04:34 am
Vendors take back mortgage is a financing technique where the borrower has the opportunity to use portion of seller's property equity, for financing the purchase of the seller's property. It is also known as mortgage back and seller financing.
Features of Vendors Take Back Mortgage:
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Features of Vendors Take Back Mortgage:
- Home financing technique:
It is an excellent home financing technique. In this the borrower borrows from the seller instead of, or in, addition to a bank.
- Popular Method:
It is a very popular means of 'making the deals work' when the interest rates are high.
- Creative Financing Method:
It is an excellent financing method. Here the seller of the property, allows the borrower to finance the property by using a portion of seller's equity.
- Good Option:
It is a good option for sellers who wants to make a purchase happen. It facilitates the lending of loan to the borrower, who is unable to qualify for a loan from a traditional lender.
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i have a house worth $65,000.00. i owe $21,000.00. i want to assign
at closing to purchaser taking back a second mortgage of $30,000.00
note payable in 15 years at a rate of $150.00 per month. how can i make this happen? if not this what would be my options. i will sell
note but without discount. who purchases notes without discount? can
you recommend anyone?
at closing to purchaser taking back a second mortgage of $30,000.00
note payable in 15 years at a rate of $150.00 per month. how can i make this happen? if not this what would be my options. i will sell
note but without discount. who purchases notes without discount? can
you recommend anyone?
Hi Anne,
You can opt for a vendor take back mortgage or seller financing under this condition.
This type of financing needs you or the buyer to prepare a contract under a lawyer's assistance. There are sample contract forms available with many websites. You can get an idea from there.
You need to keep in mind a few things while preparing the contract. Each conditions that you include must have specific objectives which you want the purchaser to meet in good faith and there should be a deadline for completion. Please note that fewer are the conditions, the contract looks more attractive.
While fixing the rate, you should take care that the rate you offer is less than the existing market rate.
You can contact a real estate broker and put the house in the market which is very much required to get it sold easily. Since you are not in that profession so a professional realtor will be the best person to help you. You can go for a real estate broker in your area or can search it online and place the offer there.
Blue
You can opt for a vendor take back mortgage or seller financing under this condition.
This type of financing needs you or the buyer to prepare a contract under a lawyer's assistance. There are sample contract forms available with many websites. You can get an idea from there.
You need to keep in mind a few things while preparing the contract. Each conditions that you include must have specific objectives which you want the purchaser to meet in good faith and there should be a deadline for completion. Please note that fewer are the conditions, the contract looks more attractive.
While fixing the rate, you should take care that the rate you offer is less than the existing market rate.
You can contact a real estate broker and put the house in the market which is very much required to get it sold easily. Since you are not in that profession so a professional realtor will be the best person to help you. You can go for a real estate broker in your area or can search it online and place the offer there.
Blue
If you want to sell your note, I work for a Cash Flow RealEstate Company that will be glad to buy your note for at least $30,000 or more. They can give you a free cash value estimate of your note. There prices are reasonable. I was able to sell my note also.
Asked for Juliette Lovett
Russ Dalbey Wealth Institute
1-901-832-9036
1-901-395-8019
Asked for Juliette Lovett
Russ Dalbey Wealth Institute
1-901-832-9036
1-901-395-8019
Hi Lovette,
What does a cashflow real estate company basically do? I'm not quite aware of it. Can you pls explain?
What does a cashflow real estate company basically do? I'm not quite aware of it. Can you pls explain?