Buying Homes 90% of appraisal via note creations - Posted by Adam


#1

Posted by Adam on January 10, 1999 at 24:21:41:

Can this be done fairly easy with fsbo’s or Realtors.With eg buying rates starting at 9.25% and with “D” credit at 82% LTV/w 10% down at 11%.
$100,000 Sale Price Example:

Seller sells the home for 100,000, gets 10,000 as down payment. Seller takes back a 90% note from the buyer (90,000) at closing, but sells the note for
85,500 minus my $5,500 which leaves the seller with 80,000 cash from note purchaser. Next, add the down payment (10,000) to the 80,000 amount and the seller
walks away from closing with 90,000 all Cash. You walk away with $5,500 .

Thanks