How ? Partial NOTE On Sale & % Rate?

<IMG SRC="images/forum/smilies/icon_cool.gif"> Talking to the potential buyer's mortgage broker, supposedly the property might appraise for approx $5K less than what I want for it. (I confirmed, that will probably be the case). In order to keep the deal on the table, we agreed on $2K off sale price, and I would finance the short fall UP TO $3K to the seller via a note. I assume, this note will one way or the other be tied to the property . Have to have attorney look at it or draft it. Is that the norm? If not what incentive do they hvae of paying me? Their first mortgag will be through a bank. Interest? I told them 5%...... THoughts? I am not making any money on that $3K basically, just on the total sale of the property... [ Edited by yosshimura on Date 03/17/2004 ]