Posted by AnnNC on March 12, 2001 at 18:58:12:
Thank you Eric.
I am the (potential) buyer here, of properties discussed, when seller calls me periodically, which are ALREADY under seller’s blanket mortgage, news to me after many months up til now, of discussing them as being “free and clear” (hence my interest) .
Your scenario of Sudden Changes may well
apply to my erstwhile seller, as the properties are vacant many months now.
Don’t know how many properties are under the blanket, if there are more than the ones for sale, which I think there are. I know seller has many properties; the ones in question are not cash flowing.
Your comments have given me more insight into the seller’s situation.
Next step then, to look at the “blanket” document and
determine the conditions of release, after getting
permission from seller. Not a problem.
This has been most helpful of you.
Are there ANY conditions
under which you would see,or could structure, pro’s to this (blanket) arrangement(besides for the bank)
For example, not as a new buyer, but as one acquiring
a limited amount of additional properties.
This is turning out to be a great learning experience.