The part of this that is easy to answer is that you should have a title company or attorney handle an owner finance deal if you decide to go that way. You admit to “having a lot to learn”, and therefore the intricate details of a transaction such as this should be handled by professionals.
But your question generally is more complicated. There is nothing wrong with getting cash, or with the alternative of owner financing. They each fit different objectives. So until you know what your objectives are, there is no right answer.
One of the issues that would enter into this for me at least would be the tax question. If the property in question was a rental property, those taxes could be significant. If not, they aren’t a concern. You don’t say what the status is.
My thought would be to do some learning first, figure out what your objectives are…then decide what to do with the property.
I need help on this. I have a house that appraised for $68,000. I owe$27,000 for 7 more years. Should I owner finance it @10% for 30 years or sell it straight out and use the money to buy other property or invest along with $30,000 more dollars, I will be recieving from a settlement,with a finacial planner with derversified mutual funds. I want to learn the real estate investment business,but I have a lot to learn and I need to know what to do with this money and the best thing to do with the house. If I owner finance, should I handle all the trnasactions or can I get a morgage company. Do I need a lawyer? HELP!!!
ONE OPTION YOU HAVE IS TO SELL THE PROPERTY WITH OWNER FINANCING WITH INTENTIONS OF SELLING THE NOTE AT CLOSING OR AT A LATER DATE. DOING THIS THE BUYER WOULD NEED TO BE PRE-QUALIFIED TO DETERMINE THE TERMS OF THE TRANSATION. IF YOU WOULD LIKE MORE INFORMATION PLEASE CALL 336-221-1461 FOR MORE INFORMATION.