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Updated about 1 year ago,

User Stats

56
Posts
9
Votes
Robert Shoffner
  • Investor
  • Charlotte, NC
9
Votes |
56
Posts

How to write up Seller Carry Second

Robert Shoffner
  • Investor
  • Charlotte, NC
Posted

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?

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