Is this 2nd structure marketable?

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Posted by Helen on November 10, 2002 at 16:37:47:

I'm selling a home 237,900 for which I have an option to buy for 225K. The value of the home is 250K. This is the first time for me to create a note. The owner is willing to be creative. Here is the scenario I've created:

Elevate price to allow for discounting of 2nd

Price: $249,900
DownPmt: $ 15,000

1st loan held by owner $45,000
amortized 360 @6%
Payment 269.80

2nd note 189,000
@8% for 360mos
(to be sold to get cash up front)

3rd (held by owner) $15,000
@7.5% for 120mos

Is this o.k., how can I make it better?

Also,would a 2nd with no 3rd be equally marketable as long as down payment is reasonable and the equity is high??

Sorry for the length of this. Thanks to all.


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