Selling my house. buyer wants me to carry a note. Help me out
So the house is worth $275,000 and the buyer, who happens to be a realtor wants to buy it, and get in quickly. She is having a tough time getting financing because she has been self employed for 1.5 years and not two. Her husband also is self employed. They hope to in the future refi and get a loan, but in the meantime they are trying to buy other ways.
While I like the idea of investing in notes just fine, I have most of my cash in this house, and I need to sell. NOT in a way that I am hurting to sell, just I am not in a place to invest ALL of the money/equity that I have in the house.
Here are the details, and we are going to assume (before taking the deal I would verify of course) good credit and everything checks out with the buyers, other than the lack of two years for the lender. Also, assuming the note is secured by the house.
House value/Sales price is $275,000. Could even a say after agents and a cushion, call it $250,000.
She wants to put down $170,000 (So I can pay off the mortgage) and me create a note for $105,000 at 5% per year. She is asking for a 4 year note.
So my question is, since I am note currently in a place to keep this for four years (ideally) and considering that it isn't a "seasoned" note. What could I sell it for and to who, or where is the best place rather, to sell the note?
Again, I am not in the business so bare with me, but I do give some value to the loan to value, and the down payment.
ANY help is appreciated, Thanks!