Carrying back a note

[TERREL 0]

Ive got a place under contract for about 50K. I'm gonna market it for 70K. The property has nice mobile home and a house that is not totally finished. I'm gonna market it to a regular buyer and not an investor. It sits on 2 1/2 acres in a very nice place, but my only concern will be that the buyer will be getting a conventional loan and the bank may not want to loan the total asking price due to the fact that the house is not finished. So could I carry back a note for say 20K? If so then how do I go about doing this?

[MichaelC 160]

Can you do this? Absolutely.

How to do it? In the interest of protecting your interest and being certain any agreement you draw up is legal in your state, I suggest you contact an attorney, a title company, or visit your local real estate club on how to best do this.

[gfwproperties 0]

Most title companies will set this up for you. All you have to do is tell them them terms and they will write of the papers. It's very straight forward and they do it all the time.

[EQUITY NOTES 0]

Paw Paw

 

Why not contact a note buying company (principals only- not brokers) get a quote from them on the terms of the sale, they are easier on the buyer. You can give youany number of ways for a payout subject to sellers ok They will pay right out of escrow any underlining mortgage and give balance to seller- less a fee you set up with the note buyer . You then present your deal to the seller who will not know what you make on the deal as you you tell seller their price less your fee.

 

This works for mobile homes if and only if their is land involved, you can also get a quote for a short ballon for the buyer and not have yourself carring a second at all, no risk for you then worring if buyer will default on the 2nd your holding. Note buying companies can be extremely creative on payouts offering your seller options on how they prefer payout

No middle man for you to worry about paying and your out of the deal they will (note buyer) send you a check after closeing for your pre determined fee.

 

I have used note buyers previously if you need to get a name contact me, but there are some good note buying principals that you should be able to contact, just make sure they are the principals and not a broker as a lot of brokerer say they are principals and in fact they are not and it just adds less for you , than if you go direct to a principal note buyer

Hope this helps

Tom