Sellers concession in FL

[eyeinthesky20]

What is the name of your state? Florida Our buyers deal fell through and his mortgage is changing to a 100%. He needs 25,000 to close and wants to do a note and record it with land records with his waterfront and this house as a lien. Within 60 days or less we will be payed back with 6% interest, whether or not his house sells, because he will be able to refinance at that point to lower his rate.( since his mortgage package has changed they are charging him points and a higher interest rate) Where we live houses sell like hotcakes and we know he should sell soon. How protected are we, with a lien recorded in the offical register of land deeds and what could go wrong? Other than not getting our money? Thank You PS, Dont ask about our real estate agents ,they are getting a divorce and not much help.

 

[BradleyS]

You don't need the advice of the RE Agents anyway.......

You need a lawyer in your state to explain your vulnerability and liability.

 

[eyeinthesky20]

Thanks

I'll do it first thing in am, (contact lawyer) otherwise I'm content to sit in my half empty house on lawn furniture till we close on Monday.

 

[eyeinthesky20]

I'll do it first thing in am, (contact lawyer) otherwise I'm content to sit in my half empty house on lawn furniture till we close on Monday.

The art of doing nothing, is something.