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I've had my house on the market and after only getting low ball offers, we decided to not move and took it off the market a few weeks ago.
My agent then got a call from another agent saying an investor wanted to buy.
The deal is 25% down, 5% interest, we self finance it and the investor pays interest only for 5 years and at the end pays the remaining they will ow which is about 66% of the value give or take. So basically I'm the bank.
I have no experience with this sort of thing but something seems like it could potentially screw me plus I don't get the bulk of the value for 5 years.
My fear would be in 5 years the investment company goes poof and I have to foreclose etc which again I have no experience in.
Edit: Thanks for all the feedback, I felt this had to be off but was wondering if I was missing something, I'm telling them to pound sand.
Edit2: Thank you all for your input, we're not going this route.
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- 2 years ago
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