Owner financing problem?

Answers:0   |   LastUpdateAt:2012-08-14 05:27:38  

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Breauna
Asked at 2012-08-14 05:27:38
Hello , I am referring to an agreement on the sale of my motel. the buyer wants the owner means of financing the purchase price in a balloon loan , the loan amount is due in 5 years , and each month I will pay interest only. However, will the owner of the second lien. it will borrow from the bank for a loan for more than the price I'm selling. This is because it is going to borrow money from the bank to fix the place too. then the bank will give you a check for half my selling price to the title company , then title company , use that money to repay the loan you have now , then I will get the difference, which will about 20 % of the amount of m selling . my question is does it sound good if he is the bank loan for an amount greater than the amount I am selling the motel to him? the loan that the bank will borrow more in the period of more than 25 years , my balloon mortgage is only 5 . what gets me in a unique position as head of security a second mortgage ? I mean if you can not pay the loan to me in five years , what is the chance to get my money ?
Thank you.
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