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North Branch : Real Estate Advice

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Activity 3
Thu Sep 15, 2016
Puziewmc asked:
We are in a contract for deed for our home (currently living in) with a private seller. Our contract ends early next year. Is getting a bank loan for the end of COD the same as any other…
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Fri Jan 20, 2012
Elizabeth Fuller answered:
rates and circumstances vary greatly and Rob made some excellent points. I usually anicipate about 2.5% of the amount financed to be the closing costs.
the total settlement amount covers your prepaid amounts since you will pay some interest forward, in lieu of making a first payment, which generally is due in the following month and would include any tax escrows. These, of course, are added to make sure that when the taxes are due in May, you will have enough in escrow to cover the 1/2 yearly amount.due. You may or may not want to roll the closing costs into the mortgage
good luck! Don't be afraid to ask questions and get answers that are clear to you Liz
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Thu Feb 17, 2011
Cameron Piper answered:
Rick,

Promissory notes are the least of your concerns at this point. If you can get done what you are talking about you will be doing well. They will likely ask for some small amount (a couple thousand or more dollars) to be be repaid over a few years with favorable terms (0% or very low interest).

Keep in mind that if you plan on taking the note and then bankrupting it, you could run into problems including it in a bankruptcy. Also make sure that upon agreeing to the note, you should make sure to get deficiency language included. Either you get a promissory note and we part ways or you reserve the right to sue me for the balance, but not both.

Good luck.

Cameron Piper
Coldwell Banker Burnet
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