Sold Our House; How Do We Close
Have a couple wanting to purchase our property--most by cash. However, they are asking us to finance the rest of our asking price. They pay $125,000 in cash and ask us to finance $18,000.
Should we now contact a title company and have them handle all details or is this something that could save money if we research and handle ourselves?
Get the title company attorney to draw up a first mortgage with your agreed upon terms. By getting most of your cash up front you are in control. If the buyer does not make the payments you foreclose and sell again.
Pay a title company. That way it is done correctly. Make sure that you tell that that you want to be the first lien holder, not a junior lien holder. They should also draw up the promissary note to pay and the mortgage.
Brenda