Posted by Randy on September 11, 2003 at 11:08:42:
Bob, if you offer the property at $240k ?Owner Will Finance? you should have a pretty good pool of buyers to choose from.
Depending on their credit and down payment you have a couple of choices: They have 10% down ($24k), you carry 10% ($24k) they get a new loan for $192k ($216k cash total at close) pay off the underlying 1st $199k and pocket the balance $17k.
They may just get a new mortgage or private note at 85%-90% of the $240 you carry the balance. If you?re doing this yourself, you will need an escrow company or attorney to close. I suggest an escrow company as they will do the title work, document fillings and all. You simply take the purchase agreement between your new buyer and you to the escrow company and say I want you to close this sale, I?m sure others will have additional suggestions.