Buyer's Financing Fell Through, But There's No Financing Clause

[Justin B.]

Family was selling a piece of property, found a buyer, and his partner providing the financing fell out. The guy, who the HH agent has done business with before, says he's got property etc. so he's not a deadbeat. 

The buyer proposed a series of payments over one year, but our attorney is uncomfortable with that because then we would be trading the property to him and he could trash the place and/or walk away from paying.

It's a family property, so we would at least like to see 50% down with payments for 6 months with an increase of 5k to cover costs with a someone to sign for the loan that has property under their name.

What would you do in this situation? Family doesn't really want to hold on to the property anymore because not everyone agrees on what to do with it (siblings eh).

Appreciate any advice or explanations of our options!

[Mindy Jensen]

List it with an agent and sell it on the open market. 

I think it's not feasbile to ask for 50% down on a 6-12 month seller carry. 

Can the buyer not qualify for financing on his own right now? What happens in 6 months?