What is the Down Side to Carrying Back?

[Patti G.]

P G.
· Huntington Beach, California

I'm selling a small investment condo I own free and clear. The asking price is 40% below what I paid for it in 2005. I have three offers and I'm trying to decide which way to go. Most would say take the cash and run, but I'd like to recuperate some of the money I've lost if possible.

The first offer is a full price with 15% down, seller finance balance at 8% over 5 years. This buyer will occupy the property.

Second is a cash offer $2000.00 above asking. This is a investment buyer.

The third offer is $8000.00 above asking with 48% down, seller finances at 8% over 5 years. This also is an investment buyer. This sounds to good to be true and maybe it is. My question is what's the down side/liability on carry back? What if they default? How tough is it to foreclose etc? Are there other aspects to seller finance that I should looking at to protect myself.............

I would appreciate any feedback , Thanks,

Pattic