What is the name of your state (only U.S. law)? New York
Hello again. Need some feedback on the following - the buyers who are interested in purchasing my home are having difficulty coming up with the downpayment. Long story short...I have to sell as part of a divorce (posted about this previously) and they want to buy house to rent out (investment). They need to have 25% as downpayment (this is what they've told me) as they don't plan to live in the property.
They initially asked about sellers concessions however have since been informed by their mortgage broker that they would have to live in the property. They don't plan to do this and do not want to lie just to get the mortgage. Now they've asked about sellers financing and I've done some research but think maybe I'm getting it wrong. Please correct me...I would continue to hold the title and would have to depend on them to pay the mortgage. If they don't pay, I could forclose on the property (take it back) since I hold the title. I also read something about them simply paying the mortgage that is on the property currently (not sure about that). Would the entire sale price have to be factored in?? It seems they want to somehow use the sellers financing for the downpayment as they've been pre-qualified for a mortgage. I'm so confused...
Not sure if you need this info, but I have a SONYMA mortgage (5.25% interest) and am close to losing the house. Have had to borrow to pay mortgage recently and just want it sold and out of my hair.
Is this an absolutely HORRIBLE idea which will surely jump up and bite me in the ****? Not to mention I have to get the ex to agree (don't I)...
Hello again. Need some feedback on the following - the buyers who are interested in purchasing my home are having difficulty coming up with the downpayment. Long story short...I have to sell as part of a divorce (posted about this previously) and they want to buy house to rent out (investment). They need to have 25% as downpayment (this is what they've told me) as they don't plan to live in the property.
They initially asked about sellers concessions however have since been informed by their mortgage broker that they would have to live in the property. They don't plan to do this and do not want to lie just to get the mortgage. Now they've asked about sellers financing and I've done some research but think maybe I'm getting it wrong. Please correct me...I would continue to hold the title and would have to depend on them to pay the mortgage. If they don't pay, I could forclose on the property (take it back) since I hold the title. I also read something about them simply paying the mortgage that is on the property currently (not sure about that). Would the entire sale price have to be factored in?? It seems they want to somehow use the sellers financing for the downpayment as they've been pre-qualified for a mortgage. I'm so confused...
Not sure if you need this info, but I have a SONYMA mortgage (5.25% interest) and am close to losing the house. Have had to borrow to pay mortgage recently and just want it sold and out of my hair.
Is this an absolutely HORRIBLE idea which will surely jump up and bite me in the ****? Not to mention I have to get the ex to agree (don't I)...