Posted by David Alexander on April 24, 1999 at 01:58:08:
find out the comps(FMV) on the property, maybe you will have some room to work with. If you do you could possibly make some money buy putting it under contract,
and then marketing the property as easy qualifying instead of Owner Financing. Have a buyer get new loan for as much as it takes to pay off the old loan, pocket the down payment, and carry back paper for the balance.
This would give you more people that could qualify. You really need the comps so you know what you’re dealing with. You will also need a good mortgage broker to prequalify the people before letting them tie it up with a contract to buy from you.