Carry Back Mtg's - Posted by Michael

Posted by Samydass on September 20, 2003 at 20:55:59:

Please let me know where the subject property is
located and may be I will have my investor buddy
help you with the financing. Perhaps he,(my investor),
might be interested in buying the property himself.
Provide as much information as you can about the
property.Email me or call me at 310-358-7640.Thank you.

Carry Back Mtg’s - Posted by Michael

Posted by Michael on September 20, 2003 at 18:39:52:


I have advertised a $500k foreclosure on this site in the recent weeks. I have signed a Purchase Agreement on the property for $287k with a 30 day closing date. I have found a buyer for the property and told him I would sell it to him for $302k. Now, because the property needs repairs he wants me to “carry back” a $125k 2nd mortgage. I’m not sure how to do this and would like some advice on how to structure that kind of financing. Do I have to go out and get the $125k from a company or…?

Any suggestions would be greatly appreciated.


Follow ups…