Posted by John on July 12, 2005 at 01:34:45:
Yes after about 12 month title seasoning he can do a cash out refi. Depending on his credit score and income
Cash back refinance & owner financing - Posted by Greg Mc TX
Posted by Greg Mc TX on July 11, 2005 at 23:12:06:
I’m in the process of trying to sell a home with Owner Financing DOT with a 5 yr balloon. I have a potential buyer who wants to put 10% down. He asked me if he could do a cash back refi with a lender in a few years and get his down payment back. I told him I would check on it. Can he?
Re: Cash back refinance & owner financing - Posted by Natalie-VA
Posted by Natalie-VA on July 12, 2005 at 09:06:21:
Greg,
Remember that if he does a refi, he will probably pay off the DOT owed to you.
If you want him to keep paying you for the whole 5 years, you might consider a pre-payment penalty.
–Natalie