What is mirror wrap real estate?

What is a Mirror Wrap in Real Estate Attorney Lawyer in Kansas
What is mirror wrap real estate?
What is mirror wrap real estate?
 

What is mirror wrap real estate?

 
In real estate, a mirror wrap is where the buyer buys a property from the seller by giving them a note that mirrors their existing payment. The seller acts as the lender, and the terms of the loan between the buyer and seller should mirror or be higher than the seller’s existing loan. The buyer makes payments to the seller, who then uses the funds to make the monthly payment on their existing loan.
 

Things to know about mirror wrap real estate:

  • The principal amount and interest rate are not marked up.
  • The seller doesn’t make any monthly profits.
  • The mirror wrap has the same current terms as the existing loan on the property.
  • The seller has the right to foreclosure if the buyer defaults.
  • The seller can ensure the original mortgage is paid off if the buyer defaults on the new loan.

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