My wife and I are looking to buy our home, which our investment partner paid CASH for in 2006. Since there are no encumbrances and he owns the property outright, can’t we skip to a simpler transaction than a “wrap around”?
We want the simplest transaction possible. We are offering 10% down, 7% on a 30 year fixed with a balloon note at 5 years. I’m interested in getting this done “clean and quick” as they say in Texas. Any recommendations?