Posted: Fri Jun 18, 2004 4:24 am Post subject: Purchase Money Mortgage
Purchase money mortgage is a home financing technique by which a buyer borrows from the seller instead of from the bank. Often both the seller and the bank are involved in the transaction and both of them make loan advances for financing the property.
Purchase money mortgages provide you with an alternative when you fail to qualify for a bank loan or the entire loan amount. Such home loans are commonly known as seller financing or owner financing.
Most of these home loans have a loan term of 1 or 2 years or they may also continue up to 5 years. Prior to getting a purchase money mortgage, a lender should provide you with complete copies of the appraisal or other documents that are helpful in evaluating the property-value.
Posted: Wed Jul 02, 2008 8:37 am Post subject: purchasing property
I was going to purchase a property for a owner. we went down to the bank he had the loan and I paid off the loan and the bank in holding the title until the sale is final. a few weeks in the the purchase I did not want the property so I ask for my money back. He said he will not rturn the money and want half of the money I put down $6,000.00
Ray do you have a contract? If the terms of the contract do noy provide a legal way to back out of the deal you may have an issue. Most sellers will make you buy or forfeit the money
Good Luck
Brian _________________ Licensed Broker 50 states http://www.aimwithfocus.com
Need quick advise email or PM Glad to help
Sam
