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re: Wraparound Mortgages
Posted on 4/15/15 at 1:01 pm to TigerDeacon
Posted on 4/15/15 at 1:01 pm to TigerDeacon
quote:
Good for you for avoiding this. You were taking all the risk with this scenario. Imagine if the guy stops making the payments while in the mean time his renter is trashing the place.
That's close to the same risk I have with a renter. Although I would love to sell it, I'm not desperate to do so. If the offer would have been a lot closer to my asking price, then I would have done it.
Posted on 5/3/15 at 5:34 pm to CubsFanBudMan
quote:
That's close to the same risk I have with a renter. Although I would love to sell it, I'm not desperate to do so. If the offer would have been a lot closer to my asking price, then I would have done it.
Not really. With a tenant, if you've lived in the house for a reasonable period of time, you wouldn't risk triggering the due on sale clause (that is certainly in your mortgage docs if it's a conforming, owner occupied loan). And even if the tenant doesn't pay the rent, you'd know that immediately and they couldn't (directly) ruin your credit or take you into a default or foreclosure. And evicting a tenant would be a MUCH easier and less expensive process than foreclosing on this purchaser if he defaulted. The prospective purchaser sounds shrewd: he'll take the burden of making the payments to the bank himself. Yeah... he's a
Back in the day, I did more than a few wraps and double closings. And they are (or were) one way to increase the velocity of deals. But in this case, in this day & age, I think you made a wise decision in not pursuing this deal.
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