Seller Financing
Another occasional request
is to have the seller "carry back" a second mortgage to help
facilitate your purchase of their home. In cases when the seller does not need
all the proceeds from their sale in order to purchase their next home, this is
an option. The advantage to the buyer is that by combining your down payment
and the second mortgage from the seller, you may be able to avoid paying
mortgage insurance and save yourself some money. Call Dale or Cathy for Fairwoods
on 7 real estate.
If such a carry-back is
part of your offer, you should include the terms you wish to pay on such a
second mortgage. Keep in mind that your first trust deed lender needs to know
this information so they can underwrite your loan, and they have certain
minimum requirements. The minimum term of the second mortgage can be five
years. The minimum payment can be "interest only." Longer mortgage
terms and payments that also include principle are also acceptable.
This site was developed to
provide information on Pinehurst real estate including Pinehurst Golf
and Waterfront homes, Pinehurst condos, and Pinehurst and Southern Pines
Commercial real estate.
Please visit our other area
Real Estate websites:
Pinehurst Real Estate
Pinehurst NC Real Estate
NC Horse Farms
Fort Bragg NC Real Estate
Pinehurst NC Real Estate For Sale
Sotheby's International Realty
Dale
Heck – Realtor/Broker
910-528-4652
