Selling my lake home and the buyer wants to do a wraparound mortgage. Any of you Dawg attorneys got any advice.
He is in an all cash business and I am sure he wants to hide money. He is willing to put up $300k and take on the $415k remaining balance with a ballon payoff at 10 years. It is a 3% rate and would be a 2nd home for him.
What are the major risks and is it worth the risks ($50k of realtor fees). He is willing to put 6 months of payments in the bank to draw from as insurance.
He is in an all cash business and I am sure he wants to hide money. He is willing to put up $300k and take on the $415k remaining balance with a ballon payoff at 10 years. It is a 3% rate and would be a 2nd home for him.
What are the major risks and is it worth the risks ($50k of realtor fees). He is willing to put 6 months of payments in the bank to draw from as insurance.
