Seller Financing Issue

[Kyle O.]

Hello Everyone, 

I am a long time reader. I recently created or updated my account, so now I am back! I recently sold a large parcel of land in the beginning of March. Do to this virus stuff, I guess the title company had trouble closing and had to extend the closing date. We closed a few days ago. I recently reached out to the buyer to say hello and provide the payment information. 

Anyway, in our contract that we both signed. The broker set the amortization schedule up to have the first payment date be April 1st 2020 & the final payment date March 1st 2023. The title company (I believe do to the extended closing) gave the buyer the mortgage note indicating the first payment date as of May 1st 2020 and last payment April 1st 2023. 

This creates two issues. 1). My bank said I can use the note as additional income to qualify for another property. I have a concern about the discrepancy in the amortization schedule vs the mortgage note. Second, I do not plan to sell the note, but again there is a discrepancy between the two. The broker indicated the contract is superior to anything the title company provided. 

I typed out a form and I e mailed it to the buyers to sign. It basically said we were amending the contract to match the amortization schedule to the mortgage and everything else stayed the same. They indicated no interest in signing the form. I am going to call them sometime in the next couple of days, but I thought I'd research feedback, advice, or experience my fellow real estate community may have. 

FYI I've done this as a buyer and a seller a few times and I had nothing but 100% positive experience.

Thank you all for your time in advance.

Kyle

I held the note with a down payment. I've done this before as a buyer and as a seller it went very easy very clean. 

[Marc Winter]

@Kyle O., if you're only out 1 month during this mess, I'd call that lucky, and maybe apply for an SBA loan to cover your month.  (Snarky, I agree, but really, 1 month?  With this mess?)