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Updated over 10 years ago,

Terry Li's profile image
Terry Li's profile image
Terry Li
  • from Flushing, New York
  • Member since Jun 26, 2014
Connect

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10
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3
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Terry Li's profile image
Terry Li's profile image
Terry Li
  • from Flushing, New York
  • Member since Jun 26, 2014
Connect
Terry Li
  • Flushing, NY
3
Votes |
10
Posts
Creative Real Estate Financing

Seller-held mortgage

Terry Li
  • Flushing, NY
Posted

Hi all,

I am interested in purchasing a 3-unit property in up-state New York. I have 5% down payment, and the seller is willing to hold 20% back as a seller mortgage. And I am hoping to get the other 75% from lending institution.

I heard this is popular and legal before 2008. My question is: Is this still legal now?

Thanks,

Terry

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