Posted by Brian on April 03, 2000 at 22:00:39:
Balloon payments are highly discounted Harold. Perhaps you could create a note with the buyers on you for a second and let your note buyer buy the note from them to give them the required 15,000. If the house appraises well, the note buyer will let you know what percentage and terms he needs. In this case scenario, you would have to assume the 1st mortgage. Another way would be to create your own mortgage note with the sellers on the full agreed to price and sell it to your note buyer. In any case, you have come up with some creative ways to finance the house.