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This carries risks of its own. As the seller-financer, you'd assume all the downside but none of the upside. If the property goes up in value and then the owner cannot pay the loans, they will simply sell the house and pocket the equity. But if it goes down in value and they cannot pay, they can default, and leave you facing a big loss or having to fight a lengthy and complex court battle to get paid what you are owed (and even then you might not be made whole if the debtor has limited means or the property is in a nonrecourse state).
And, the OP has already firmly and clearly stated they don't want to carry a note.
They want to be done with it, moving out of state, and don't want any loose ends.
It seems that you have unilaterally made decisions for the OP, such as:
> They are limited to a $225,000 purchase.
> They cannot downsize and spend less than $600,000.
> That you are well-versed in the out-of-state market they are moving to.
> That their only path to success is to massage your ego and embark on a path they prefer to shun.
Any good agent routinely protects clientele from that sort of intrusion.
Apparently, you can't keep up. I'm not making decisions for the OP. I'm just telling you what SHE said. Go back and read the thread. She is the one who said they wanted to sell their old (current) house and take the proceeds (about $225,000) and pay CASH for the new (next) house.
It has nothing to do with ego. It's all about reading and understanding what is being said. You should try to do that sometime.
This carries risks of its own. As the seller-financer, you'd assume all the downside but none of the upside. If the property goes up in value and then the owner cannot pay the loans, they will simply sell the house and pocket the equity. But if it goes down in value and they cannot pay, they can default, and leave you facing a big loss or having to fight a lengthy and complex court battle to get paid what you are owed (and even then you might not be made whole if the debtor has limited means or the property is in a nonrecourse state).
LOL. You had better notify all the banks in this country what a great risk they are taking by lending money to people who may later sell the house and pocket the money without paying off the loan. Are you serious? Have you ever heard of a "title search"? Do you honestly think that a closing attorney/official would just cut a check to the seller for the full price of the sale without checking to see what liens are against the property?
As for the buyer defaulting, while that is a possibility on ANY type of debt, if the seller gets a substantial downpayment at the closing as I suggested, that greatly reduces the likelihood that the seller will default.
LOL. You had better notify all the banks in this country what a great risk they are taking by lending money to people who may later sell the house and pocket the money without paying off the loan. Are you serious? Have you ever heard of a "title search"? Do you honestly think that a closing attorney/official would just cut a check to the seller for the full price of the sale without checking to see what liens are against the property?
As for the buyer defaulting, while that is a possibility on ANY type of debt, if the seller gets a substantial downpayment at the closing as I suggested, that greatly reduces the likelihood that the seller will default.
CORRECTION: I meant to say "buyer" instead of "seller" near the end of the last sentence above.
"As for the buyer defaulting, while that is a possibility on ANY type of debt, if the seller gets a substantial downpayment at the closing as I suggested, that greatly reduces the likelihood that the BUYER will default."
Sorry for any possible confusion this may have caused. I realize that SOME people in this thread already have a difficult enough time keeping up.
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Are you serious? Have you ever heard of a "title search"? Do you honestly think that a closing attorney/official would just cut a check to the seller for the full price of the sale without checking to see what liens are against the property? 
