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Updated over 5 years ago on . Most recent reply
Seller carry back .Do or Dont?
I am selling one of my rental property and have got offer with 25% carry back ,Loan term is 5 years, 5% interest with 30 yrs amortizations.I have never done this before.Should I do this or not and what is the benefit or risk.Any advice will be appreciated .Thanks in advance.
Toan Le.
Most Popular Reply
Greg Dickerson
#2 Land & New Construction Contributor
#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
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Greg Dickerson#2 Land & New Construction Contributor
#2 Land & New Construction Contributor
- Developer
- Charlottesville, VA
It all depends on your goals and desirability of the property. If you can sell without financing and you want the cash that’s the way to go.
The risk is you are second behind a bank so if they default on the first mortgage you are in second position so you would need to step in and buy the property back to ensure you do not get wiped out in a foreclosure.