Posted by JPiper on May 15, 2000 at 02:00:29:
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.