Posted by John on March 26, 2006 at 09:02:28:
Yes get an attorney to write up the note and mortgage or (deed of trust) and get the title company or closing agentthat closes the deal to handle the rest.
Now that done, If the buyer fails to pay the first they by law have to notify you and you have the option of bringing the 1st current and foreclosing on your 2nd and taking the first and the property. Check with your attorney for details about your options as they are state specfic. The only way you would be wiped out is by failure to act when notified. However you could sell your second after some seasoning for a discount depending on how the note is set up. Document preperation fees can be passed to buyer at closing.