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

SirFshAlot

Elite Member
Apr 11, 2000
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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.
 

Bleeding Jawa

Golden Member
Feb 3, 2000
1,392
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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.
 

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