Posted by Randy on July 14, 2003 at 13:22:51:
Ask for 10%-20% Down payment.
Interest rate of 8%-9% (or more)
Require a credit check on your buyer.
Typical CFD (Contract For Deed) 30 years with a 5year balloon (Full loan is due)
Your buyer gets the tax write off for interest and real estate taxes.
The Deed remains in your name; the CFD is recorded on the title giving your buyer an equitable interest in the property.
Be careful, sometimes selling on contract can trigger the Due On Sale Clause on your mortgage requiring the balance in full. Contact an attorney or other experienced real estate professional you trust.