Seller financing over ! - Posted by Raul

Posted by Ed Garcia on January 03, 2001 at 09:23:50:

Raul,

When ever you cut a deal, you always have to ask yourself, would you take the deal being offered. If I were in their position I would be concerned about two things. (1) What if something happened to you? (2) What if you re-nig (don’t do it, stop paying, flew the coop)?

You don’t tell us the price difference between the house that they have sold you and the one they are buying. Chances are, because they are of retirement age, they are down sizing, and would be able to pay off their house in Palmdale, and have cash left over.

You haven’t convinced me, so back to the drawing board.

By the way, I do have some ideas that I think could work, but I won’t give them to you.
The reason Raul, is because you’re putting these people at risk, and in jeopardy of losing a life long asset. Raul, even if you are doing this with good intention, you are putting these folks at an unnecessary risk. I have a soft spot for older people, maybe it’s because I’m getting there. Raul, I will give you credit for creativity, and encourage you to keep thinking the way you are. I hope you understand where I’m coming from.

Ed Garcia

Seller financing over ! - Posted by Raul

Posted by Raul on January 02, 2001 at 13:40:47:

I need help in determining how I might convince the owner in taking back the mortgage for 10-15 years or paying for his loan. I owe a $123,000 mortgage its due next month. I was planning to say to them if they would do a “Satisfaction of Mortgage” on my loan and in return I would start paying for their home located in Palmdale, CA. Since I would have to make a monthly payment why not theirs (avoiding paying a lenders fee). Getting them a term or surviourship life insurance in case one of them should die that would pay off the existing loan and any cash left over they would keep. And maybe giving them a thousand or two to sweeten the deal. In return I have a free & clear home. Helping them, by not worrying about their own mortgage, so that they can retire in tranquility. To me it’s a win/win situation. Or is it better for me in having them carrying the loan again? Is my way of thinking right? Or am I really out there?