Financing in 85253>Question Details

Allison,  in 85253

I live in Arizona a need seller carry back financing....If a owner/seller has not yet paid off his mortgage.....what can a potential buyer, who needs?

Asked by Allison, 85253 Sat Sep 26, 2009

carry back financing, do to protect himself???

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4
Hi Allison!

Call me and I will help you!

I just did one of these recently.

Blessings,

Alexis
0 votes Thank Flag Link Thu Mar 21, 2013
You'll need to setup escrow servicing company to pay the mortgage for him. I know much about seller carrybacks. Visit our web link to learn more or email me.

Daniel Reynolds, Realtor®
Broker Executives, Inc

http://evmls.com
480-297-2008
daniel@brokerexecutives.com
Broker Executives, Inc
Web Reference: http://sellercarryhomes.com
0 votes Thank Flag Link Sun Dec 13, 2009
Stew is very much correct in his answer. If the mortgage on the home is not paid off, the title company is insuring the payment is going to the lender. The seller doesn't get the payment, it bypasses him/her.

Rashel M. Beaver | Realtor® | DevStar Realty
D - 1.888.808.2175 M - 480.734.3787 F - 1.866.497.1809
http://www.azhomeexplorer.com OR http://www.rashelbeaver.com
I Use DOCUSIGN! Electronic Signatures Save Time!
0 votes Thank Flag Link Sun Sep 27, 2009
Allison,

i have written seller carry back purchases before.

Basically, if the owner has not yet paid the mortgage then what you are doing is actually called a "wrap" mortgage.

What you need to do when your Realtor writes your offer is work in conjunction with a title company that can close and service the transaction.

You are basically paying your payment to the title company. Then the title company insures that that payment goes to the sellers lender.

Any remaining balance is usually forwarded to the seller or can remain in escrow depending on the terms of the agreement.

Most involve a considerable down payment amount and usually a purchaser on a wrap sets a time and date as to when the seller will be paid out the remainder of the purchase amount by you refinancing the home, which you can do because the wrap will put you on title.

Should you need an experienced agent to help your with your purchase, I would be happy to help.

All The Best,

Stew Keene
Home Smart Real Estate
480-220-7491 - stewkeene@gmail.com
Web Reference: http://www.stewkeene.com
0 votes Thank Flag Link Sat Sep 26, 2009
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