Posted by Eddie FL on February 11, 2000 at 07:46:54:
Since the loan is based on the property itself, then, your buyer does not have to worry about qualifying for the loan. Since this is the case, you can show him the commitment letter you received from the lender and assign your contract over to him and let him close. He can pay you the $5000 and then he would get the loan and finish it. Quick flip by assigning your contract over to your buyer. There may be other ways but that seems the simplest. If this guy is an investor he should understand that you are going to make a profit and he is going to make the Lion’s share.