Should I Finance It Or Let The Other Guy Do It?
OK people, here’s the situation. I bought a piece of property around 2 years ago with the intent to build my personal home on. I bought it at $25000, put $7500 down and financed $17500 @ 8.5% interest. I have about $15000 left in principal as a payoff balance.
Just the other day the realtor who sold me the property asked if I was interested in selling the property because he had someone interested in it. Well, I told him I am always open and said I will sell for $41500 with 5% commission for him. He call back a day or two later & said she was interested and he said he was thinking about financing it for her if she had a large enough down payment and the right interest amount.
Well now I am thinking about paying off the $15000, deeding the property to my LLC & letting my LLC finance it for her and hold the note.
My questions are: Is this a good idea? What would you guys do? What are the benefits or disadvantages of selling either way? (Selling outright versus holding note or mortgage)
If you had to finance it how would you guys do it? (Promissory note, contract for deed, mortgage, etc.)
Thanks
Any and all comments welcomed!
Any help? I have to respond to the realtor this week...