What does it mean if I carry part of the loan?
BARBARA H asked:
Estoy intentando vender mi casa, que tiene una seond préstamo. Si llevo el segundo, la casa todavía en mi nombre o el nombre de los compradores. ¿Qué más puedo hacer para vender mi casa rápido?
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Estoy intentando vender mi casa, que tiene una seond préstamo. Si llevo el segundo, la casa todavía en mi nombre o el nombre de los compradores. ¿Qué más puedo hacer para vender mi casa rápido?
Create a video blog…instantly.
Categories: Selling Your House Fast
When you “carry a note” you are putting a 2nd mortgage lien on the house. This can help the buyer qualify for a mortgage easier. The house is in the new buyer’s name, not yours.
For example:
If you are trying to sell your house for $200,000, but the buyer only qualifies for a 90% loan, they can only give you $180,000. You could carry a 2nd mortgage for the extra $20,000 and get full price for the house. Usually, these 2nd mortgages are structured so that there is a “balloon payment” due in 2 or 3 years, so that you get paid off then. In the meantime, you’ll get monthly payments from them just like you are a bank.
Most of the time, if you are going to do this method, you’ll want to get top dollar for the property – sometimes even bump the price up a bit because you’re doing the buyer a favor. Just make sure if you bump the sales price up, that the house will still appraise for the higher sales price.
Advertising “owner financing available” usually helps sell the house faster.
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