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Creative Real Estate Financing
HomeForumsCreative Real Estate FinancingHelp Structure my Owner Finance deal PLEASE!
Nick Versetto's profile image
Nick Versetto's profile image
Nick Versetto
  • Investor
  • from Frankfort, Illinois
  • Member since Jan 5, 2015
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Nick Versetto's profile image
Nick Versetto's profile image
Nick Versetto
  • Investor
  • from Frankfort, Illinois
  • Member since Jan 5, 2015
Connect
Nick Versetto
  • Investor
  • Frankfort, IL
55
Votes |
206
Posts
Creative Real Estate Financing

Help Structure my Owner Finance deal PLEASE!

Nick Versetto
  • Investor
  • Frankfort, IL
Posted Feb 26 2015, 09:46

Have a seller that currently has a mortgage on a 2-flat that I'm interested in.  He's interested in working out the details of owner financing but want to make sure I give him one option and not 10.

Property is in Illinois

Sale price is 100k

Mortgage of 65k

Taxes 2600.00

I know the seller will have to hold a second but how should I straddle the first lien he already has in ILLINOIS?

I'd also like to use a servicing company to insure the existing mortgage is paid if you have a good one to use.

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