Posted by MC(CA) on April 26, 1999 at 08:14:32:
You could set up a balloon payment for 10 years. That way, if they don’t refinance and pay you off, the house will come back to you.
If you need cash before then, you could refinance at 80% non-owner occ. and get $244K out.
Hope this helps.
Best of luck.
Melissa
l/o - Posted by bruce
Posted by bruce on April 25, 1999 at 22:53:27:
my tenant wants to buy the house i am renting
to him.value $305.000.i owe $120,000 1st
$18,000 2nd.i am taking $20,000 down.
i would like to get the balance in 10 years.
what does the group think is the best way
to handle.
thank you,
bruce