Here is another way. - Posted by Michael Morrongiello American Note
Posted by Michael Morrongiello American Note on December 14, 1999 at 19:02:05:
Try to determine exactly what the seller REALLY NEEDS and will accept in CASH if you could close and fund quickly? He may come off his $184K & $91K he wants.
An alternative way to put together this financing would be to have the seller agree to take back (2) two mortgaages and notes. A 1st lien note that would be in the 80% -85% range. This is the mortgage that can be sold and converted into cash at the time of closing. Along with the 1st lien mortgage, the seller will take back a 2nd lien mortgage and note. He / she will retain these mortgages for income which is essentially been agreed to already.
Depending on how much you can put down, your credit and employment background, etc. will in large part deterime what a note funder like American Note can fund in CASH to your seller at closing for the purchase of the 1st lien mortgage(s).
Visit our web site www.americannote.com or call us toll free 800-659-2274 to discuss how we can assist you with alternative options to placate your seller.