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Housing conundrum....

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  • #76
    Originally posted by TheSilverBuick View Post
    Yes it all goes through a local title company. Also, the guy owns the place outright, so he's not paying a mortgage company on it so not likely to run into a problem with me sending him a check and he doing something else with the money causing me to lose the place. The buck stops with him. Makes me feel a lot better about him carrying the loan. Him owning it out right was part of my motivation for throwing him a short term higher monthly payment offer his way since it won't decrease his monthly income from the renters.
    With the old shop property that my dad sold he's carrying the Note and it's run through a title company, that's why I brought it up, he also has a Balloon Payment in the deal which will be coming up here in the near future, which may be interesting, since the guy bought in the height of the housing market and now with the way land values are, the property might not appraise at how much the Balloon payment will be, which means we might be getting that property back.........


    • #77
      As mentioned, I'm writing it up as a ten year deal to pay it off, no balloon payment. This is of course assumes he accepts the offer.
      Escaped on a technicality.