Need more info- if the sale is $130,000, with $100,000 down and you carrying the balance, that's fine. If its some larger amount, with $100,000 down, a bank holding the first, and you holding the second mortgage for $30,000, you'll probably lose the 30K. Reason? You have no real remedy if he defaults on your 2nd mortgage. You would have to foreclose on him, and pay off the first mortgage- need a lot of financial horsepower to pull that off.
John T shares my philosophy on carrying paper. The seller is better off with a contract than a note and mortgage (or Deed of Trust): easier and cheaper to foreclose, and you get the property back, not a sale on the courthouse steps.
But we part company on not recording the contract- at least in Washington, you have to record the contract, or get big penalties- and you can't forfeit (foreclose on) the contract if its unrecorded. And awfully hard to find a buyer who would stand still for that kind of arrangement. As my dad used to say, "Anybody with enough money to make that deal is probably smart enough not to."
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Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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