Buyer Signing NOTE - Partial - Interest?
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...
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