12 UNIT FINANCING - Posted by Barry

Posted by Ed Garcia on October 27, 2000 at 24:38:44:


This question is similar to the “Seller carry back, Not payable” post below. Please read that post for your answer.

Ed Garcia

12 UNIT FINANCING - Posted by Barry

Posted by Barry on October 24, 2000 at 16:34:52:

I am in the process of buying a 12 unit for 350,000
It will bing in around 60,000 this year.
My lender said that the property will stand on its own.
The seller will receive 350,000 at closing
He is going to try to get the seller to hold a 2nd mortgage
(which would be my down payment of 15%)
When the seller receives his money which is the 350,000
he will then wave the 2nd mortgage.
Will this work?
Can the seller decided to not wave the 2nd mortgage after
he gets his check.