Getting financing with Seller held 2nds - Posted by Ricardo (MD)
Posted by Ricardo (MD) on June 09, 2007 at 19:54:31:
I’m curious to find out if anyone works with banks that allow for seller held 2nds. I’m running into some deals with tired landlords who are willing to hold 2nds on properties they want to sell. The problem is a lot of the banks want me to have money in the deal even if the seller is willing to hold a 2nd mortgage, and even if the price I’m getting the house for is around 80-85% of FMV.
Any suggestions on how to better structure these deals or if you can refer me to any banks that will allow me to do a stated income, verified asset deal with little to no money in the deal upfront would be great.
Thanks in advance for your responses.