note - Posted by Bill

Posted by Bud Branstetter on December 16, 1998 at 22:09:16:

If you want to sell the 2nd it will not be worth much in the beginning. After some aging you may be able be able to sell some of it such that the total loans does not exceed 85% or in certain cases 90%.

You would probably be better off to find a mortgage broker that can get them a 90% or better loan. The other alternative would be to trade the note for equity into another property. You can get full value that way.

note - Posted by Bill

Posted by Bill on December 16, 1998 at 09:40:00:

Good Morning,

My question has to do with purchase money 2nds. Here is the deal: I have a property FMV 105K. new first of 70K. I would like to sell it with owner financing. My idea: 5K down, buyer obtain new 80% first and I carry the balance. How should I structure the 2nd so that it would be attractive to a buyer, and what should I expect to sell it for? Or is there a better way to structure the sale. Any help would be greatly appreciated.