QUESTION
How can a seller carry only a percentage of a mortgage?
Asked on Jul 20th, 2014 on Real Estate - Colorado
More details to this question:
A home listed at 132K in my area is offering "Possible owner carry of 50k if terms are favorable." How will this be applied/deducted from buyers mortgage/payments? Would this still require an additional loan from a money market lender or other alternative?
1 ANSWER
3 Awards
Generally when this is called an "Owner Carry Back Mortgage." This will normally be a loan in addition to the primary loan that the buyer obtains from a conventional lender to complete the purchase.
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Answered on Jul 21st, 2014 at 12:52 PM
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