Need more info- if the sale is $130,000, with $100,000 down and you carrying the balance, that's fine. If its some larger amount, with $100,000 down, a bank holding the first, and you holding the second mortgage for $30,000, you'll probably lose the 30K. Reason? You have no real remedy if he defaults on your 2nd mortgage. You would have to foreclose on him, and pay off the first mortgage- need a lot of financial horsepower to pull that off.
John T shares my philosophy on carrying paper. The seller is better off with a contract than a note and mortgage (or Deed of Trust): easier and cheaper to foreclose, and you get the property back, not a sale on the courthouse steps.
But we part company on not recording the contract- at least in Washington, you have to record the contract, or get big penalties- and you can't forfeit (foreclose on) the contract if its unrecorded. And awfully hard to find a buyer who would stand still for that kind of arrangement. As my dad used to say, "Anybody with enough money to make that deal is probably smart enough not to."
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Today's Featured Article - Tractor Profile: Silver King - by Staff. Silver King tractors were produced by the Fate-Root-Heath Company of Plymouth, Ohio. The company was founded by John Fate in 1884 and was originally called the "J.D. Fate Company". After several mergers over the years, the final company name of Fate-Root-Heath came about in 1919. The first tractor produced was actually called the "Plymouth" tractor and was powered by a 20 HP 4-cylinder engine with a 3x4" bore and stroke. The four speed transmission had a top speed of 25 mph! After more t
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