This is a seller financing deal that I did several months ago. I will go through the structure to help people understand how it works. The sales price was $105,000. They put $20,000 down and the term is 1.5 years due on or before (meaning they can pay the balance off any time before it is due), with an interest rate of 10%. At closing the title was transferred to the new owner, and the payments were set up through an escrow company that takes in the payment, sends the mortgage payment to the bank and sends me what ever is left. The closing costs were just over $1,000 and it went through a title company, and I paid my agent 3% commision from the down payment. All in all it was a pretty simple transaction.
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