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Posted by wblakesx on March 17, 2006, 4:03 pm
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...but if the owner is the lender? btw, thanks
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Posted by Jeff Strickland on March 31, 2006, 9:17 pm
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The owner? You mean the seller?
Sellers that finance the deal typically do a 3 or 5 year Interest Only that
has a balloon feature. They don't want to carry the paper for 30 years.
You're welcome ...
> ...but if the owner is the lender? btw, thanks
>
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Posted by aceboku on March 17, 2006, 11:27 am
Please log in for more thread options I've been doing lending for over 13 years and I've yet been able to see
a deal where a lender lends more than what a house is worth.
Here is any idea for the gullible buyer and the shwred seller - sell @
400k with the bank lending on the appraised value but have the seller
carry back the difference as a second mortgage (seller-carryback). The
caveat is that the second mortgage may have to be recorded after the
1st mortgage has been done, not before. Otherwise you will have a CLTV
(Combined-Loan-To-Value) issue with the Lender who will have
restrictions on CTLV's allowed.
So basically the seller is doing a "silent second mortgage" - that is
to say a mortgage that the lender does not know about, and the language
on the purchase and sales agreement has to show a sale price of 300k.
It's risky and not advisable. Why would this agent want to rip someone
off?? That is what it comes down to. If I was the broker handling this
transaction I would counsel both the seller and buyer into a more
reasonable outlook on the transaction. Want to get more money for less
house? - go to Disneyland. Want to get more house for less money? - Now
we are talking!!
My final advice to anyone looking to buy and sell. Buy low, sell high
(within what the market bears). Want to buy but not sell the house
afterward (flipping the property)? Buy low. Asking price too high?
Sometimes NOT doing something is better than doing something you'll
later regret.
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Posted by wblakesx on March 17, 2006, 4:18 pm
Please log in for more thread options It's the re agent's idea, he get's paid on %. He suggests the seller be
the lender. It's in Westchester, Miami which says something abut the
value, and perhaps about the agent. thxz for the input.
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