Taking a Second Mortgage at Closing - Posted by Jeff Mannion
Posted by Jeff Mannion on November 18, 2000 at 24:41:32:
My situation - $170,000 asking price for a 5 unit that is valued at $190,000 (both net income valuation and market sales analysis). Seller wants ~$30,000 at close to buy a residence (currently lives in one unit of property), and will take the remaining $140,000 in a note.
My thought is to go to close with the following:
Obtain conventional mortgage for $30,000 and have the seller take back a mortgage for $140,000.
My dilemma is that I question how many lenders are willing to take a second without me having any track record in the property. Have any of you heard of this before? I am trying to create a nothing down deal, but wanted some opinions as to whether or not I am just wasting time.
Any info is much appreciated, Jeff