I am having a hard time selling my home (surprise!). I have received an offer and the buyer wants me to carry 20% for 1 year. He is putting down 10% and the bank is financing 70%.

Being that I am going 2nd on the loan. I am concerned about the risks. If he pays the bank put stops paying me, how can I foreclose on him?

Can I go after his other assets (car, other home, bank account)?
What should I do to reduce my risk and cover all bases?

Not a bad deal really (in my area) if you are willing to the terms. A few hundred dollars for an Attorney to represent you would put you in a better position.

[quote=lbear]I am having a hard time selling my home (surprise!). I have received an offer and the buyer wants me to carry 20% for 1 year. He is putting down 10% and the bank is financing 70%.

Being that I am going 2nd on the loan. I am concerned about the risks. If he pays the bank put stops paying me, how can I foreclose on him?

Can I go after his other assets (car, other home, bank account)?
What should I do to reduce my risk and cover all bases?


If one of my sellers were doing that, I would ask them to call their attorney first. Good Luck!

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