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Seller financing a down payment

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Joined: 27 Jul 2009

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Post Posted: Mon Jul 27, 2009 11:11 am    Post subject: Seller financing a down payment
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I own a house appraised I'm selling for $350K and I owe $300k in mortgage on the house. I have a buyer who only has $20K to utilize as a down payment, when $70K is actually required.
Can I as the seller finance the extra $50K? If so would the bank where I hold my mortgage be O.K. with this option?
Icon Mini Profile kentmark0





Joined: 25 Jul 2009

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Post Posted: Mon Jul 27, 2009 11:16 am    Post subject:
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i do not think there is any problen with down payment of 20K. he can take mortgage for balance & pay to you.
Icon Mini Profile andyth09





Joined: 21 Jul 2009

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Post Posted: Mon Jul 27, 2009 11:59 am    Post subject:
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mortgage will help him as per my understanding.
And pay minimum down payment
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