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Author: Polywilliams Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 128075  
Subject: how to finance 2nd to buyer? Date: 2/27/2004 7:24 AM
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I am about to sell a rental house to the current tennent. To facilitate this, I need to finance a second mortgage of around $7000 to the buyer. (I am willing to accept the risk of non-payment of this amount because it would still be a good deal for me.)

I would like to write a note and have buyer pay me directly and I would like to attach it as a lien on the house in case he does not pay. He has a history of BK, but has never paid me late.

I have found some standard, fill-in-the-blank, notes on the web, but how does one attach this type of 2nd to the property such that it must be satisfied before buyer could ever sell. I'd like it to appear on his credit report also so he has more incentive to pay it off.

How do I go about this?
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