Selling with a second mortgage - Posted by Bruce

Real Estate Investing Real Estate Financing
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Posted by Ed Garcia on July 13, 2002 at 13:18:58:

Bruce,

Whatever two parties agree on can be done. If the potential buyer agrees to allow you to pay on the existing 2nd mortgage, then it can be done.

I won’t kid you, for the buyer, I don’t recommend it. But the easiest way to do it, is to sell the property on a wrap-around or land contract.

Ed Garcia

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Selling with a second mortgage - Posted by Bruce

Posted by Bruce on July 12, 2002 at 11:18:52:

I have a rental property with a second mortgage. The tenants would like to buy the house but the second mortgage is about $20K more than the apraisal. Is it possible to sell the house subject to the second mortgage which I will continue to pay?