Hi all
I am still a little vague on ‘carrying back a second mortgage’ and what is the benefit for someone to do so.
I understand that sometimes we may need to convince someone to do so or to do so ourselves.
If anyone could enlighten me and others I’d be grateful.
thanks
AlexAlex
For the Seller the plus points are it makes it easier for the purchaser to obtain finance and dependant on the interest rate charged may prove cheaper than traditional funding.
Also dependant on the market the vendor may receive a slightly higher price for the property than he would if sold to a cash buyer.
For the purchaser it may mean that they can utilise some of their savings or their FHOG (if they qulaify) for other costs and expenses and mean that they don’t have to put down everything into a loan.
Cheers Richard
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http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
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