Posted by James Searle on January 20, 2001 at 24:18:33:
I want to “tie up” a property with a purchase agreement with a seller carry back 2nd mortgage. I will then assign the purchase agreement to a preapproved buyer then receive a prearranged assignment of the 2nd mortgage just after closing. Has any body done this before, is this as simple as it seems? It obviously requires the participation of a motivated/cooperative seller.
Also, how can you structure a deal that any proceeds above a certain dollar figuire, that the balance would come to me. Is it as simple as screating an agreement outlining this equity payout?
Thanks for any advice.