Seller Financing With New Mortgage

1 Reply

I am about to acquire a property sub2 with new(he bought it 5 months ago) 144k mortgage at 3.4% va loan. Monthly payments are 1018. I plan to sell for 175k under owner financing at 4.5% or something. What im lost on is if im on a 30year mortgage at 1018 a month and a buyer wants to do a 15 year deal, how would that add up if im only paying the 1018 that the current owner has? Would i put all of the money the contract buyer pays me towards the mortgage every month or what? I feel like all of the pieces are there but i cant put them together right now.....

Also would i actually have the deed placed in their name or leave it under the trust until they are paid in full......?

Or would i simply have to do a 30 year with the contract buyers so the times coincide?

This has the potential to be a mess for all three parties. So you might want to discuss this with a local real estate attorney (who you will need to prepare all of these documents anyway).

Better to get solid local legal advice than to solicit advice from random online strangers all over the country who know nothing about your transaction.