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Updated 8 months ago,
Seller finance - how to get more cash on sale
My duplex will be paid off in two years. Current tenets are potential buyers. I want to pull some cash out of the sale. If sales price is 400k and I want 75k cash but tenets only can provide 15k, what are my options? I know I can sale to a buyer that has 75k down, but would prefer to work with my existing tenets.
If the buyer got a loan from a traditional lender to get to the 75k number, would that automatically put me in a second position on my seller financed note? I am assuming the lender even at a low LTV would require a first position, but just guessing as this is my first seller finance transaction.