Asked by Rebcam, California • Fri Oct 17, 2008
We are pursuing a new home build, and the buyer is requesting that we take out a second mortgage on our current home, with them holding the title, to ensure that we follow through with the purchase, as they do not want to be saddled with the excess inventory home. This seems risky to us. Is this standard practice? Is it recommended? What are our other options?
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