Edgewood, WA Real Estate Blog

I made the following comment to a post by David Paul on Resurrection of Seller Financing at the Seattle Real Estate Professional blog this afternoon.

David Paul-

Good post and timely advice.

It’s been my experience (yeah, I too have to admit to being around in the 80’s) the situation where the buyer took a conventional first mortgage and the seller provided a second blindsided many a seller.

Sellers sometimes forget they have to be prepared to take out the first if the buyer defaults (on both mortgages) to protect their position. If/when a buyer defaults, most don’t just default “a little”.

Nevertheless, I’ve dusted off my copy of “Conventional Financing with Seller to Carry Second” addendum.