How To's
Say I have taken a home subject to...the seller sings over the deed and all is complete except..$ 100,000 is owed on the home thats worth $125,000...The owner wants $ 5000.00 for there equity...I tell him that I have $ 1000.00 now and $4000.00 when the house is sold sould I
A) on a purchase agreement put down is $ 104,000 is toltal purchase price or
B) Put it on line 18 of the purchase agreement ( buyer to give seller $ 4000.00 at time of resale of home)
C) write it on a general promissary note that the $ 4000.00 is do at time of resale..
D) any of the above will work............
Thank you for all your help :
Purchase price of full amount.
Promisory note and mortgage for 4 grand. To sell a property free and clear, the lien must be paid off...
So then $104k....right?
The purchase agreement should reflect the entire purchase amount, in this case 105k.
Is should show 1k due to seller at time of closing, 4k to be given via prom. note, payable to seller upon refinance of the property and 100k via loans taken subject to existing financing.
William Tingle
WilliamGA