im selling my house to a buyer who only has 25k to put down on the home loan (5 % ) he needs 10%?
the buyer only has 5% (25k) to put down on the loan towards the purchase of my home. my agent offered me an option of loaning the buyer the other 25,000.00 in the form of a second mortgage trust deed after the loan closes to loan him for the down. in return the buyer will pay me monthly for this loan with a lein on his home until he has fully paid me. does this sound like a good idea?
The simple answer is NO.
Your lien will be a secondary lien…simply meaning if he/she defaults you might or might not get paid. And, if you get paid it might not be at full value.
Think about it…if the buyer can’t come up with the downpayment…doesn’t that tell you that the budget is a bit to tight to afford this house.
The downpayment is up to a lending company…if they aren’t willing to take a chance on this buyer…why should you be willing to take that chance?
“Short Sales By Megan Laherrere” Channel 10 Fraudulent third deed of trust – Elk Grove
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