|
|
Article: Balance the profits, consider risks before offering 2nd mortgage
- Article from:
- Chicago Sun-Times
- Article date:
- November 25, 2001
- Author:
-
|
Copyright informationCopyright 2001 Chicago Sun-Times. (Hide copyright information)
|
"Taking back" a second mortgage when you sell your home--
"loaning" the buyers some of the money they need in order to buy your
place from you--can be both an effective selling tool and a good
"investment," or it could be an expensive and major financial
blunder. A lot depends on the research you do and the contract you
sign.
Before we get to the contract, let's look at what leads up to it.
The idea behind taking back a mortgage is fairly simple. Let's say
you're selling your home for $100,000 and the people buying it have
$5,000 to put down and can get an $85,000 mortgage. That means they
are still $10,000 short.
If you really want, or need, to sell your home "right now," you
could "loan" ...
Related newspaper, magazine, and journal articles:
|