owner financing my own house

[efete]

Hi there;
  I had a question about owner financing for my personal residence.  Unfortunately, due to the market, I don't have a ton of equity.  My house is worth roughly 315K, I owe 300K.  I have had a tough time selling (duh) and was wondering if it would be worth offering some financing.  If I offered to carry back 100K or so I wonder how much more interest I could get?  If so, how would that affect my ability to get a loan for a new house?  Would the numbers be enough to sell the note to a note buyer if I needed to down the road?  Thanks for any thoughts!  Happy investing and Happy Thanksgiving everyone!

Eric

[Gold River]

Hi,

     If you owe $300k on a $315k valued home, how do you carry back $100k?

                                    GR

[herbster]

Doubtful Eric. most likely the buyers Mortgage Co. wouldn't go for it. If you could pull it off a Note Investor wouldn't be very interested. The Note would be in the second position and LTV(loan to value) isn't there.
Herbster

[MichaelQuarles]

This is a classic wrap situation... Easy to do and your new mortgage company should be ok as long as your disclose it correctly...

Feel free to PM me for more info....