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Updated almost 3 years ago on . Most recent reply
Seller Financing / Carry - 2nd position
Greetings BPers!
I have some condos that I'm selling in Fort Smith, AR. My real estate agent is encouraging me to finance the entire purchase price (conventional mortgages are not available because of my concentration of ownership), but has reiterated to me several times that a buyer cannot get a bank loan with me carrying a small second. But she's not being clear on the why.
Is there some law against a seller carry - but only if the seller carries a partial note and not the entire thing? Because she definitely thinks I can carry the entire amount.
Thank you!
Little Rock, Northwest Arkansas, NWA (just some extra tags)
I have some condos that I'm selling in Fort Smith, AR. My real estate agent is encouraging me to finance the entire purchase price (conventional mortgages are not available because of my concentration of ownership), but has reiterated to me several times that a buyer cannot get a bank loan with me carrying a small second. But she's not being clear on the why.
Is there some law against a seller carry - but only if the seller carries a partial note and not the entire thing? Because she definitely thinks I can carry the entire amount.
Thank you!
Little Rock, Northwest Arkansas, NWA (just some extra tags)
Most Popular Reply
If ownership concentration is the only issue, several non-QM lenders would lend on these condos either as an investment or as a primary residence.