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Sunday, November 11, 2007

Ask AC Associates

And, the answer is:

Nicole wrote asking:

The selling price is $479K...I owe $385K and I would
like to sell the house outright, but the market is
very bad right now and no one is buying...so how can
your system work for me and how does the bank not
call the loan due if they learn that I'm owner financing?

Hello Nicole,
I understand your question and the confusion you must be feeling.

Offering owner financing works wonders with sellers who own their property outright, but it can also work in a situation such as yours.

With a SIMULTANEOUS CLOSING, you would be able to obtain a buyer for your home using Owner Financing and a note buyer would purchase the newly created note at the same time.

The deal would work as owner financing, but you would not be the one holding the note in the end, a note buyer would.
At the closing, your mortgage would be paid off and you would be out of the situation. The money left after your mortgage was paid off, would be yours.

The new owner would then make the payments to the note purchaser.

Read more information by going to my website at:
http://acassociatesusa.com/simultaneousclosing.html

I hope I was able to answer your question. If you need more information or guidance, please feel free to reply to this post, email me or call my office.

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