Posted by steph in tex on August 24, 1999 at 08:05:20:
heres the skinny:
SFH purchased 6months ago on a wrap.
NO balloon payment, but previous sell “would really like to be off the note after a year.” (they told us this 2 months ago when they moved to another city) We did an atty closing with this and the atty made it clear that there was no balloon-but we have our doubts as to if the seller really got it.? they hope to buy another house in 1yr.
Have a buyer for this home selling owner financed. we had planned to balloon after 1 year, with 10K down upfront.
This Buyer wants to put 20K down (yahoo) but wants us to carry for 2 yrs @ our PITI.
this works for me-as it would pull out most of our money, less 9K on the back end-- but i am concerned about the previous sellers.
is it too late to put this in a land or Pac trust? My thinking is that with the pac trust Bill G has his way of passifying future lenders when the previous sellers want to buy another house.
is this beneficial?
or i was thinking maybe sell on contract for deed - unrecorded/ held in escrow for 6 months-then i refi-and then record the contract for deed.
any help would be great-as i feel this property is one of our biggest risk due to the way we purchased (wrap)
i’m not sure if the trust would help me at this point or not-or if i really need to be worried. i know if you don’t plan to hold properties for a long period-you don’t really need a trust–does this 2 1/2 yrs qualify as long?
another question is can you do a refi with a property in a trust?
help me gang.
thanks in advance
steph in tex