Posted by MikeM@sunvestinc.com on January 07, 2002 at 20:58:57:
In Reply to: Help on an attempt to create a note. posted by TopProperty on December 27, 2001 at 20:45:17:
TP:
Is this property seller motivated? From his prospective I can see where he/she may want to see that any prospective buyer has some of THEIR money at risk in the form of a down payment. IF that is one of his "hot buttons" then it may be difficult to overcome.However, You should continue to reason, explain, and illustrate to this property seller that there are benifits to selling to you in this fashion.
If you have some cash to put at risk, then One way is to sell to you and have (2) two notes taken back. Perhaps a $15K-$18K +/- 1st lien, and then also a 2nd lien for the difference between what your down payment would be and the $180K sales price.
The 1st lien will be sold to generate this seller a lump sum cash payout that when coupled with your down payment will provide the seller the $18,000.00 in cash apparently he/ she seeks. They would then carry the balance back in the form of a 2nd lien which would provide them the benifits of an installment sale and produce monthly income for them....
To your success,
Michael Morrongiello