refinancing a recently created note? - Posted by Matt

Posted by Michael Morrongiello on March 05, 2005 at 16:30:27:

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

707-939-9450 office

refinancing a recently created note? - Posted by Matt

Posted by Matt on March 03, 2005 at 13:53:19:

I found a house that is owned outright. The owner is considering carrying the whole purchase price of the property with a 6 month note. The purchase price is @ 80% ARV. Is it possible to create a note that can be refinanced within the short time frame to either cash out the seller or even to get a small equity loan for fixup.