Posted by Michael Morrongiello on October 24, 2000 at 22:54:03:
A cash down payment that can be documented is best. It shows that the buyer has saved up the funds or has access to the funds he/she is willing to put at risk when purchasing the home.
A “toy” (boat, jet ski, ) or a vehichle would be OK but not nearly as acceptable as cash. If you do decide to go this route, make sure you obtain a copy of the vehicle title, take some color photos of the item, perhaps have an indepedent car dealer, boat dealer, etc. provide you with a written estimate of its book value.
Naturally the other vital factos surrounding the transaction will also come into play when evaluating the note (employment, stability, overall credit profile, credit scores, income info and documentation, payment history, location and condition of property, etc.)
To your success,