Owner Carry Second Lien
Hi Everyone,
I'm new to this forum. I need help on my property. I'm thinking about selling my house but the buyer need me to carry the second lien here in Texas. What are the pros and cons? Will I still get my money if they foreclosed on the first lien?
Thank you,
dub
Pros:
House sold
May be able to get more for the house by financing
Interest income
Con:
Owed money
Paid second if default
Your loan is looked at by buyer as less important
May get house back
I have done 1 this way and held a 2 year balloon loan, all worked out just fine. Check references, employment history, and credit. The bank will, so you should too!!