Forgivable Sellers Second?
Is there such a thing as a forgivable sellers second. I have a home that I am selling for $50,000. The buyer has low credit but can come up with $5000 down. The gentleman doing the financing said he can get an
80-10-10 loan. The house will appraise for $60,000. He is telling me I can raise the price of the home to $55,000 so I get what I need out of the home than I can tear up the sellers second. The buyer is ok with this, but I need to know if this is legal? I don't want to do anything wrong, but I would like to move this property. Any one heard of this?