Posted by Michael Morrongiello on March 05, 2005 at 16:30:27:
Matt:
Is this home a fixer upper home…?
If the home is not that rough, and you feel it will appraise out near $100K, it may be possible for you to put a little bit of cash down, have the seller finance the balance and then also have the seller SELL and convert their purchaes money 1st lien Mortgage & Note into a Lump cash sum.
The Note can be a 30 year FIXED rate Note with No balloon payment - so when the seller has sold and converted their “paper”, they are out of the property and have no furthe affiliation with the property or you.
You also don’t have to worry about a short term VERY dangerous pending balloon payment as you will already have in place the long term fixed rate loan. Sunvest has purchase such seller financed “paper” under these circumstances
To your success;
Michael Morrongiello
www.sunvestinc.com
MikeM@sunvestinc.com