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 - Choosin, Mounting and Using a Bush Hog Type Mower - by Francis Robinson. Looking around at my new neighbors, most of whom are city raised and have recently acquired their first mini-farms of five to fifteen acres and also from reading questions ask at various discussion sites on the web it is frighteningly apparent that a great many guys (and a few gals) are learning by trial and error and mostly error how to use a very dangerous piece of farm equipment. It is also very apparent that these folks are getting a lot of very poor and often very dangerous advice fro
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