Seller Financing - Help! - Posted by William

Posted by Doug on December 17, 1998 at 03:04:03:

Ok… Heres another approach… You can sell the property owner financed… There are people who will buy the mortgage the day of the closing to get you the money you need to pay off the exsisting balances on your mortgage… If you sell for lets say 50,000 and you need to pay off 25,000 you owe yu can sell owner financed for 50,000 get a downpayment in this case we can say 5,000 and you hold paper for 45,000… you can then sell the mortgage the same day you originate it for letts say 40,000… now you have the 25,000 you need and 15,000 in your pocket… Another way would be a split… You can sell a piece of the mortgage to get you the 25,000 you need to satisfy your 1st then you wil still own part of the mortgage… There are a handful of creative ways to do it…contact me if you are interested and I will walk you threw it… I would even be interested in buying the mortgage…
Douglas Timko

Seller Financing - Help! - Posted by William

Posted by William on December 15, 1998 at 18:05:05:

I want to sell two properties by seller financing.

One prop has about $41,000 Conv. 1st mortgage on it and I want to sell for about $54,000

Second prop has a $27,000 FHA 1st mortgage on it and I want to sell for $54,000

What is best L/O, wrap or land contract??? I heard that the
wrap or land contract maycause problem with due on sale clause?? Any ideas???

Thanks for all your help.

Re: Seller Financing - Help! - Posted by John Katitus

Posted by John Katitus on December 16, 1998 at 24:18:14:

My personal opinion favors Lease/Option. It gives you best price (ask about 110% of retail), up-front cash deposit (3-5%) of purchase price, and higher than market monthly payment. If the buyer doesn’t make the payments you can most likely evict him instead of foreclosing. If that’s not enough, if the option isn’t exercised you get to keep the deposit, raise the prices, and do it again.