Posted by Lisa in Oz on April 02, 2000 at 24:44:45:
I bought a 12x62 2bd/2ba for $4000 (yea, too much). Sold it for $7500–$1000 cash and a $6500 note at 12.75% (the industry standard–thanks Lonnie!) for 3 years.
I’ve set it up so the buyer will pay me on the 1st of the month directly to my account. He’s a trucker so can pay me at any branch across the country. I will be able to check my account via internet banking and know exactly when he makes the deposit (sort of handy while I’m in Oz and he’s in California).
That’s about it. I’ve made some mistakes on this deal and I realize that. It was scary, but I did it. Next time will be better.
Now is a good time to sit down and create a “cheat sheet” for yourself so that next time, you just have to glance at the sheet before you leave and when you are sitting down at the table with the buyer, you will all your ducks in a row.
Less stress, fewer mistakes and more professional.