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Updated about 1 year ago,
How to write up Seller Carry Second
So if one goes under contract to buy a retail center (for example) and the seller agrees to carry back a 20% second position note. The bank would do 75% on the first position, so investor/buyer would bring about 5% to closing table. How does one write up the contract to avoid having the bank be upset and make a big deal about it? Some banks may refuse to do the loan. Do you set up a contract to purchase the property and then another contract to obtain a loan from the seller? Then essentially do a double close? I'm not sure how one would do it correctly. Any thoughts on this?