As housing sales continue to moderate, and builder supply has reached almost 10 months, I wanted the opinion of this group of a solution with the high cost of housing.
Real world example, my home is worth about 600,000 and I owe about 200 K, the price of my house is doubled in seven years. Since I have a lot of equity in my home and houses are moving slowly I thought I might offer to hold a private second mortgage.
For example if I sold my house for 600k I could hold a private second mortgage of 60,000, the buyer would still need to come up with at least 5% and sometimes 10% to qualify for a first mortgage with a private second
So the equity in the home would. 90/10
90% to the buyer and I would retain 10% equity.
Solely and effort to help the house move quicker what are your thoughts
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source https://www.reddit.com/r/RealEstate/comments/1mktev2/over_priced_real_estate_solution/
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