How long does it take to close with owner financing when the owner has a mortgage?
Question by Dilbert: How long does it take to close with owner financing when the owner has a mortgage?
In other words, what time-consuming activities have to happen before closing, when the owner providing the financing is already satisfied of the property’s value and condition, so there is no need for additional inspection, appraisal, etc.?
I assume the key issues are paying off the owner’s mortgage, recording the owner-financed mortgage, and getting the title transferred to the new owner. But do those get done before or after closing?
The owner’s liquid assets plus the seller’s down payment will add up to enough to pay off ther owner’s mortgage.
Answer by goz1111
Nothing is Kosher until the first loan is paid off, until that happens the existing loan has priority interest over the property
How is the seller paying off the first?
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