here is the skinny…
I bought a property and subsequently it had fire damage. The insurance is only going to cover about 68% of what I owe though. I have an interested buyer that wants to purchase on terms but I know I cannot give him clear title on a property on which i have a mortgage. what is the best way to structure the deal? Here are some dets:
-My selling price to interested buyer 50K
-I owe 70K
-I would sell on terms carrying a 3 year note at 10% with a balloon of 37K, Down pmt of 5K and mo. pmts of $550.
Can anyone with more experience figure a way to structure this so that I can still make the sale? I was preparing a HUD-1 and I couldn’t figure it out. He’s very interested in having title in his name, but obviously that can’t happen unless I pay off my mortgage liens.