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People in this category pay some cash down and the Seller carries back a note for a portion of the purchase price. This Seller carryback note is frequently secured by the property being sold. Sometimes takers will have a note that they carried back on the sale of the other property. They may be willing to assign this note to you instead of all or part of a cash down payment. Takers often have significant equity in property they own and want to keep. They may be willing to write a note secured by the trust deed to mortgage on their property in your favor. This note could become a partial or full down payment on the property you wish to sell. For every cash Buyer for your property, there are probably 5 to 15 takers who would take your property if they could use trust deed or mortgage notes instead of a cash down payment.
Ed Arnett or Bill Broadbent, S.E.C.-CCIM
1380 Broad St., San Luis Obispo, CA 93401-3910
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