- Joined
- Sep 2, 2009
- Messages
- 54
Has anyone gone the route of making an offer to the seller asking them to hold the mortgage?
I recently bought two units with my HELC and the units are working out quite well. I want to purchase two more that are listed, but banks won't consider me and these properties have been sitting vacant for awhile.
I want to offer a down payment that will cover the agent and lawyer fees and leave them a bit left over and make mortgage payments to them for 2-3 years. At which time the properties will be at 80% LTV and I should have no trouble refinancing.
Aside from just getting a no from the seller, can anyone see any issues I may run into?
I believe this is a type of wrap mortgage where my higher interest payments will be more than the seller's mortgage payments.
Cashflow etc won't be a problem. I'm thinking perhaps an issue where the sellers bank may want the mortgage repaid if this triggers a title transfer.
Thoughts?
I recently bought two units with my HELC and the units are working out quite well. I want to purchase two more that are listed, but banks won't consider me and these properties have been sitting vacant for awhile.
I want to offer a down payment that will cover the agent and lawyer fees and leave them a bit left over and make mortgage payments to them for 2-3 years. At which time the properties will be at 80% LTV and I should have no trouble refinancing.
Aside from just getting a no from the seller, can anyone see any issues I may run into?
I believe this is a type of wrap mortgage where my higher interest payments will be more than the seller's mortgage payments.
Cashflow etc won't be a problem. I'm thinking perhaps an issue where the sellers bank may want the mortgage repaid if this triggers a title transfer.
Thoughts?
