Help With Giving Someone A Mortgage...

[Lisa Mauritis]

I am selling a condo.  So that I can compete with the other condos on the market, I would like to give a mortgage to a perspective buyer.  The condo is located in Deerfield Beach in Florida (close to Fort Lauderdale).  Can somebody please tell me how I put together this 1st mortgage?  How do I figure out the terms, ie interest rate, time, etc.  Thanks so much!

[John Thedford]

Rates and terms are negotiable. Once you and the buyer have that determined go to an attorney and have them draft the docs, get them signed, and record them. Owner financing is typically slightly higher than conventional financing. What terms have you discussed?