I own a property in cash that I got an offer on, but the buyer wants seller financing or rent to buy while they build up their credit. I don't really want to offer either, I just want to sell the property and move on. Is there any companies that buy these kinds of mortgages off a seller? So if I had a deal set up to sell a house with financing attached, is there any way I could sell this to lender, or offer financing through another company to the buyer? Can anyone suggest any other options I have to sell this if the buyer can't get financing on their own? Thanks
Travis find a listing agent that rocks and sell it for cash
@Shaun Reilly is awesome
Thanks for the mention and compliment Brian!
Travis where is the property?
It says you are in Brookline but I assume if you aren't getting much action that this property isn't there. While some cities around there have slowed down Brookline is still firmly in the multiple over asking price offers in the first few days pattern if you are priced close to market value.
So if it IS there and you only have 1 seller financing required offer you have to be really high or there is some fatal flaw with the place. I'll assume it is some place else.
If you want to say where it is I can see if I can give you some better insight on what the options can be.
But to your basic question, yes you can definitely sell a seller carry back note. I would talk to some note investors to find out what they like to see in that kind of note to make it an attractive purchase so you can get those types of provisions in your arrangement if you decide to go that route.
For free and clear properties try this structure
Ten per cent down
Structure two notes, 85% first mortgage, 15% second
Wait six months and then sell the front end of the first 85% first at a slight discount
This is called a partial
You really need to underwrite the buyer
I would use a rmlo
The above members are excellent note brokers
And don't expect an attorney or title company to structure a note deal if you're trying to sell a partial down the road, hire a note broker
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!