Creating A Downpayment Paper Trail For A Note Buyer
PaperNotesAndMortgageInvesting
Ok, here it is: I purchased a foreclosure for 60k, I have a contract on it for 109k with 7k down. Owner financed note which I'm selling at closing. The buyer didn't have cash but was selling a 1994 H.D. motorcycle that I took in trade. The challenge I am having is the note buyer (since this is my first deal) won't except the motorcycle trade as a valid downpayment. He wants to see a certified bank check or a bank statement from the buyer. The closing process is held up by this one issue. Anyone have a valid, legal solution to this challange? Without selling the bike.
Thanks in advance.