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Updated over 14 years ago,

Minna Reid's profile image
Minna Reid's profile image
Minna Reid
  • Real Estate Broker
  • from Jacksonville FL & Middletown CT
  • Member since Jan 16, 2008
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Minna Reid's profile image
Minna Reid's profile image
Minna Reid
  • Real Estate Broker
  • from Jacksonville FL & Middletown CT
  • Member since Jan 16, 2008
Connect
Minna Reid
  • Real Estate Broker
  • Jacksonville FL & Middletown CT
585
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1,337
Posts
Starting Out

Dumb question about carrying the second

Minna Reid
  • Real Estate Broker
  • Jacksonville FL & Middletown CT
Posted

Ok - I just dont get it...If a seller carries the second, does that mean he is actually taking out a mortgage for like 20% so that you pay only 80? Or that he's cashing out 20% and giving it to you, or what?
Is it some other simple concept that I'm just missing?
What am I not getting here?

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