I Need Clarification On Owner Carry Backs...
I've seen it mentioned in a few posts about deals some of you have had where for example the 1st would total say, $115,000, there would be a 2nd for say, $25k. Here is where I get confused. In the structure of the deal I've seen it said that the seller can carry back the balance. What in the world does that mean? For the life of me I haven't been able to figure it out and I seen it in many posts. I thought that carrybacks meant that when a seller wants cash up front, he could take out a 2nd and even that balance gets included in the re-fi. I don't even know where I got that thought from. I need help on this one, I'd hate to make a fool of myself while trying to do a deal.
thanks,
quinn 
There's a good explanation in the Beginners' Forum, right at the top.