Anyone know anything about "carry-back" contracts on a mortgage?

[SirFshAlot]

I was convinced by my realtor to carry back a substantial amount of money on a house I sold recently.
He assured me that if the house went into foreclosure, that the primary lender would have to pay me off first.
I ignorantly trusted him at the time.

Now I am wondering.

 

[SirFshAlot]

^
yup, that's what I'm wondering

 

[Bleeding Jawa]

Sounds rather fishy to me. Unless you have a significant reason to believe that you wouldn't be paid (in which case you are dealing with the wrong buyer/lender), I'm not sure what the purpose would be.

I wonder if the realter gets a cut.

Who was the realter working for anyway. The "buyers-agent, sellers-agent" thing is rather confusing, but I was very pleased when we decided to have our realter sign-on as a buyers agent when I was looking for a house.