Posted by JohnK(CA) on April 09, 1999 at 19:01:53:
Pete,
Judging from your questions, I think you could benefit from the "How To Articles’ at the begining of this web site. To answer your question, yes you could have the seller carry back a second TD and note/mortgage,in which case you would be responsible for paying both notes. If you gave the seller some cash, you would obviously reduce the amount of the note that the seller is carrying. Get it?
There are a lot of ways to do it hence, CREATIVE FINANCE. Keep reading and soon the light will go and you’ll say “Hey, I get it!!, I can do this!!!”
Good luck
JohnK(CA)
Posted by Peter Madden on April 09, 1999 at 14:55:01:
I’ve been reading the information in this web page and have gained a lot of information, and I have a question about owner financing.
If an owner wants out and is willing to hold a note for the sale of the property and he/she has an existing loan on it from a bank, it seems that I (the buyer) would be responsible for paying the owner as well as the bank. Two notes! Is this a case where I must come into this type of deal with cash to pay off the bank? Do I need only request seller financing on free and clear property? How does this work?
This is only one of many questions that I have regarding this profession. I’m new and yes I want success, but I don’t want to put myself in a bad position. Also, I don’t want to be so concerned that I do nothing.