B10 - Friday, September 28, 1984 - North Shore News Third in a series Risks go with vendor take back mortgage scheme IN THE past, only institu- uuons and wealthy in- dividuals concerned themselves with what to look for in mortgage len- ding. Now the average homeowner has to look at the same questions when agreeing to hold a ‘‘Ven- dor Take Back’’ mortgage on a sale. In lending a mortgage, there are two areas of risk. First the property itself — but that should pose no problem as it was previously owned. The value, the neighborhood and _ the future changes to the By JAMIE JOHNSTON come provides assurance that monthly payments are met, special attention should be given to the size ‘Besides the interest rate and amount, there area number of other factors.”’ is the mortgage still covered by the property value? Remember that a ‘‘Ven- dor Take Back’’ 1s pro- bably a second mortgage. In the event of a default by the borrower, unpaid taxes have the first claim on money from the resale of a property, the existing irst Mortgage is next, and then comes your mortgage. In drawing up a mor- tgage consult a lawyer. Besides the interest rate and amount, there are also a number of other factors to be considered. DMIRAL NEW HOMES — REVS PE ARE ms | VERY REASONABLE! 984-0421 eee LUXURIOUS LIVING! How would you tike to be taken to a villa with your own pool and ali the amenities. This is it! Don't be deceived by the outside, the inside will take your breath away. By appointment only, cail RAE PHILLIPS 522-0387 ADMIRAL REALTY 984-0421 (24 hrs.) neighborhood are all knowns. Second, find out about the purchaser. Obtain in- formation on his financial circumstances, where he works, how much money he makes, and what debts he has. While the buyer’s in- PATEKSON REALTY LTD. 980-1941 571 WEST ST. JAMES Just right for a growing family! Lower Detbrook, 3 bdrms split level with big rooms Ofters to $149. 900 MLS See with ROY PEARMAN 9680-8966 609 SEYMOUR BLVD Super home tor the growing family 4 bdrms and tull bsmt, dble carport. Call me for more details and make your dreams a reality PAUL ADAMS 987-2829 INVESTMENT 11 room boarding house Caretaker pays owner $1700 p/m Rm3A zoned, good development site, close Int and expo Call for further details PAUL ADAMS 987-2829 WHISTLER Ybdtim condo with in suite sauna, i/p Outdoor pool Teams Cour! and moun tain view trom party size sundeck Of ferred cat GEA vo Call DAN CAMPBELL 980.7438 of the purchaser’s equity or down payment. Suppose house prices decline or the purchaser defaults on his payments, What term should it be? As a rule, keep it as short as possible. Also give the buyer the right to prepay the mortgage without penalty, but be careful about letting him refinance without paying out the ‘‘Vendor Take Back’’. _ #80 WESTCOT PLACE Thigshome ts anything you want it to be'\Privacy entertaining, school age family on big creekside lot in lower properties Otters to $265,000 MLS ROY PEARMAN 980-8966 LOWER LONSDALE OPEN SUNDAY 2-4 Very tastefully, decorated 1 bdrm top tloor with t/p, $51,500 Call me and make your dream a reality PAUL ADAMS 987-2829 ESCAPE Gel away to peace and privacy 2 bdr plus den Oo One aere waters front Wide Open cOoufhenn cea view See anytheng wrth ROY PEARMAN 980-8966 JUST LISTED—THE FAMILY HOME 2055 RUFUS DR. Fully finished on 2 levels, this 5 year old con- temporary offers great family living. Picture the family area off the kitchen, an ample nook, huge playroom down, and all set on a sunny fenced lot Hurry for this one — it has to sell! SOREN FREDERIKSEN 984-0421 JIM FRASER 980-5471 2258 MAGNUSSEN PLACE, NORTH VANCOUVER For these three brand new split levels and con femporanes builder willing to look at reasonable offers Now is the time BOB FLETCHER 986-0660 JOAN ALEXANDER 986-4453 Ln, MIGHTY SAFE BUY! 340 West 22nd St. North Vancouver 41h bedoom down picture perfect finishing throughout actually betler than new A steal al $122 900! BOB FLETCHER 986-0660 JOAN ALEXANDER 986-4453 oe ” 4 ah ae IF QUALITY SELLS ... Then this home will sel! ltselff One owner and one very special house with 3 custom tinished levels Vaulted ceilings. stone treplaces Skylights, and much. much more Set on a sun "% creekside lot, it's our best! OREN FREDERIKSEN 984)-0421 ga hrs) JOAN ALEXANDER 9: 453. LIKE BARGAINS? Grouse Woods os one of the most exclusive area OF Noth Vane ouvwer tut the pte Of tos mew Poe os aeetty modest Over PIE sat ' Ver atieny tos Sowil oye Veep Mey as! SOREN FREDERIKSEN 984.0421 JOAN ALEXANDER 986-4453 GROUSE WOODS AFFORDABLE 5612 GROUSE WOODS PLACE There's nothing like it in the Woods! With warm colours and finishings throughout, an excitingly unique layout, and a bright basement area, this 4 BR split level just shines! Offers please with SOREN FREDERIKSEN 984-0421 (24 hrs.) RAE PHILLIPS 522-0387 INVESTORS — LOOK! Now duplex zoned — but area 1s changing to garden apartments Try your offer to $119,900 BOB FLETC ER 986-0660 GRAND BLVD. CHARMER Brand new 3 BR: And what a choice location’ Seton a big. sunny 50x147 foot lot thts bsmt home is hot in the 140s! SOREN FREDERIKSEN 984-0421 (24 hrs_) JOAN ALEXANDER 986-4453 LEAVING TOWN ... ‘But we've got to sell this contemporary 4 BR home first! Boasting an open plan with large family room offf the kitchen. bright decks a “huge Osmt tor future development and its all set on a big private tot Reasonable offer will lake it! SOREN FREDERIKSEN 984-0421 (24 hrs.) JOAN ALEXANDER 986-4453 hint 120’s — BRAND NEW StH fe te ( hooOse your finishes this reel (4h frome tracts famuby CoG Off Ue kite tee oa {oath tosser it sepetestbes Hoot ee tra dec Com reer reac her tenor ’ poetiver yy patevetter toot 0 Difesrs, Plodse SOREN FREDERIKSEN 984 0421 JOAN ALEXANDER 986 4453