1st and 2nd loan to quali

I'm selling my duplex and the buyer is telling me the lender backed out because he's not living in the property. He still wants it but doesn't want to put 25% down. Is there a lender that will do a 2nd? So the buyer pays closing costs and 10% down, 2nd position loan is 15% and 1st position loan is 75%? How would I find a lender (or 2) who would agree to this? --24.99.xxx.xxx

1st and 2nd loan to quali (by Vee [OH]) Posted on: Apr 11, 2019 6:52 PM
Message:

The buyer is the ones who gets the loan, being a unlicensed banker is not a good idea unless they put down 98 percent.

--76.188.xxx.x

1st and 2nd loan to quali (by Ken [NY]) Posted on: Apr 11, 2019 7:17 PM
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In this economy and spring selling season cut him loose and go find a qualified buyer --72.231.xxx.xxx

1st and 2nd loan to quali (by plenty [MO]) Posted on: Apr 11, 2019 7:24 PM
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Maybe he's not your buyer. Thought lending had loosen up. Why cant he quality? --99.203.xx.xxx

1st and 2nd loan to quali (by DJ [VA]) Posted on: Apr 11, 2019 7:38 PM
Message:

Sounds like he wanted an owner-occupant loan, with better terms, but didn't want to owner-occupy. Too bad he didn't come to that decision some time after closing.

Less risk for the bank if the owner is living there. I don't think he will find what you described.

With the next buyer, clarify the type of loan they are seeking before accepting their offer. --68.10.xxx.x

1st and 2nd loan to quali (by Joe [GA]) Posted on: Apr 11, 2019 7:38 PM
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He doesn't have 150k to put down. Only 120k. --24.99.xxx.xxx

1st and 2nd loan to quali (by Lynx [GA]) Posted on: Apr 11, 2019 8:07 PM
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So is this a 1.2M duplex? What location in GA? If in Atl, where in Atl? I could do a 2nd, but the location and terms would have to be perfect. --99.122.xx.xxx

1st and 2nd loan to quali (by Joe [GA]) Posted on: Apr 12, 2019 3:19 AM
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It's 600k total. In Brookhaven. Message me if you're considering it. --174.218.xxx.xxx

1st and 2nd loan to quali (by Lynx [GA]) Posted on: Apr 12, 2019 5:26 AM
Message:

Joe, thanks for sharing. Great location. However, that is not the type of property that would fit my profile in a second position. --99.122.xx.xxx

1st and 2nd loan to quali (by Oregon Woodsmoke [ID]) Posted on: Apr 12, 2019 6:32 AM
Message:

It's the buyer's job to find financing, not yours. Is there an agent involved? If so, their agent should be scrambling to find financing for their client.

"no financing" is a back-out that gets them their earnest money back. It might not be their real reason, so there is little benefit in your hunting hard to find them a mortgage.

Instead of looking for a second mortgage, they should be hunting for a local bank that will give them the mortgage for 10% down. --98.146.xxx.xxx

1st and 2nd loan to quali (by Oregon Woodsmoke [ID]) Posted on: Apr 12, 2019 6:34 AM
Message:

Incidentally, the first position bank isn't going to like that your client is borrowing money to make the down payment. --98.146.xxx.xxx

1st and 2nd loan to quali (by fred [CA]) Posted on: Apr 12, 2019 6:35 AM
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I doubt mortgage lenders would be interested in doing a second trust deed. Try private lenders, ask escrow/RE lawyers for names or search on line. --99.59.x.xxx

1st and 2nd loan to quali (by Robert J [CA]) Posted on: Apr 12, 2019 10:22 AM
Message:

When I sell a property that I have a lot of equity in, I will issue the buyer a second mortgage to limit their down payment. The last home that I sold was around 500K. They buyer had 100K for the down but could only get a 375 1st mortgage and with closing costs they needed around a 40K second. With a combined income of over $150,000, I had no problems with giving them the 2nd mortgage at a above market interest rate and a 5 year balloon payment. --47.156.xx.xx

1st and 2nd loan to quali (by Pmh [TX]) Posted on: Apr 12, 2019 2:14 PM
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when was that Rbt ? must have been a silent second if in the last 10 years (?) --166.137.xxx.xx

1st and 2nd loan to quali (by Robert J [CA]) Posted on: Apr 12, 2019 6:14 PM
Message:

This was two years ago. When the buyer had loan issues, I had my licensed real estate broker suggest my carry options. --47.156.xx.xx

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1st and 2nd loan to quali

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