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 siegert
Joined: 29 Apr 2009
Posts: 14
Location: Wakefield, UK
6.17 Dollars($)
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 Posted: Wed Jul 08, 2009 7:43 am Post subject: Seller Financing |
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| "Seller willing hold back 2nd mort. 20%", what is this exactly? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4329
Location: Hawaii
685.19 Dollars($)
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| Posted: Thu Jul 09, 2009 2:24 am Post subject: |
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Hi siegert,
I think you are referring to the seller carry back mortgages. This is one form of owner financing. This type of financing is useful for those buyers who do not immediately qualify for a mortgage to finance the whole of the purchase price. Say, if you qualify for 80% of the purchase price and do not have your own funds to finance the rest 20%, your seller can carry a second mortgage for the 20% and help you make the purchase. |
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siegert
Joined: 29 Apr 2009
Posts: 14
Location: Wakefield, UK
6.17 Dollars($)
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| Posted: Thu Jul 09, 2009 10:25 am Post subject: |
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Hi jenkin7,
Yes thats is it.
Can I find Mortgage Brooker for this scenario for a Multi Family House? I am from Europe, thats the main problem  .
Thanks for you reply. |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
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| Posted: Thu Jul 09, 2009 1:38 pm Post subject: |
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| Where are you trying to get the loan US or Europe? |
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Guest
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| Posted: Thu Jul 09, 2009 2:26 pm Post subject: |
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The Multi Family is US, I have two possibilities, Indiana or Ohio.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
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siegert
Joined: 29 Apr 2009
Posts: 14
Location: Wakefield, UK
6.17 Dollars($)
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| Posted: Thu Jul 09, 2009 2:28 pm Post subject: |
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The Multi Family is US, I have two possibilities, Indiana or Ohio.
All LP are under $600k, Indiana have 32 units, Ohio 14 units. |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
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| Posted: Fri Jul 10, 2009 10:31 am Post subject: |
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Do you live in US or you are trying this from Europe.
If thats the situation then it may be really difficult |
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siegert
Joined: 29 Apr 2009
Posts: 14
Location: Wakefield, UK
6.17 Dollars($)
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| Posted: Fri Jul 10, 2009 12:12 pm Post subject: |
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Today I live in Europe. I am a property manager here.
But for this property I go to US. In Europe we have the highest prices ever for Multi Family Apartments and low cash flow. In US gives hundreds great projects and no one sees it, except me, I think ^^ . But a funding is not possible, prefer to leave the (top) building in ruins and lost money, because it can not be sold to a qualified buyer.
Main Question: What is a qualified buyer? A person with many money on the account and not knowing what he´s doing. Or a person with background knowledge and who knows how everything works.
Apologies my small example but it is quite frustrating since two months only to receive rejections, although the requested project has profitable return, more than the repayment of the target mortgage and I could continue to increase profit.
Wrong World . |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.76 Dollars($)
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| Posted: Sun Jul 12, 2009 11:42 pm Post subject: |
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| I am nsot sure it will be easy to get loan living in Eropr and buying property in US |
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siegert
Joined: 29 Apr 2009
Posts: 14
Location: Wakefield, UK
6.17 Dollars($)
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| Posted: Mon Jul 13, 2009 1:06 am Post subject: |
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| Yes for max. 60% LTV, but I need min. 80% LTV, so I have no chance. Not in Europe, not in US. |
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