Seller Carryback On A Pre-foreclosure
Hi all,
I am trying to understand seller carry-back in more detail. My main focus is geting undermarket pre-foreclosures, rehab, then rent out for passive income.
My question is this.....What documents to I need to do the seller carry-back and if they are in pre-foreclosure....wouldn't they be a risk for covering the carry-back, as their finances are already in trouble.
Please advise, thanks
Dan
I think you may be a bit confused. Seller carryback is when they have equity that they are willing to finance as part of the purchase price. In a preforeclosure you are looking to pay their back payments and that is about it. Maybe a few dollars to help them move out. If they have a large amount of equity you may want to give them a note and deed of trust or a mortgage in mortgage states. This does not happen very often in preforeclosures because your are trying to get the equity for yourself and still help then salvage some credit and get enough to start over. PM me is you need some more help and I will send you some sample documents.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr