Looking for opinions on a offer on my home for sale.

[William H.]

I am no expert so I am hoping for some insight. I am currently in the process of selling a home. Its in a great area, and values have been on the rise. Things are going quickly in the area. We actually had a contract the first day we showed it, However, the appraiser was from out of town and really picked terrible comps, I had a local appraiser review the others findings, and he agreed. He also let me know that other than trying to show this to the lender (quicken) and the appraiser, that I was pretty much screwed as far as a FHA appraisal goes. So now the house is back on the market, and I am confident that if someone was to do a conventional loan, and order a new appraisal that the home would appraise.

Deal #1: I have another offer on the same house, its different than most, but i'll entertain anything. Its from a agent that wants the place for herself. I am asking $275,000 for the place, and she has agreed to full price. The catch is that she is about 6 months to a year from being ready with financing since she's self employed. I owe roughly 170,000 on the home, and she says they can come up with the cash to pay that off as a down payment, if I can carry a note for the next 4 years @5% interest, in the form of monthly payments, or 4 payments.  Considering that I was going to reinvest the proceeds in real estate anyway, I do like the idea of a note. At the same time I do think that the same money could do better than 5%, however, Its 5% and in a way drama free. I like the idea of something creative, so I'm open to opinions on it.