Partial owner financing on a sale

[Luis Prieto]

Hello everyone,

my wife and I are trying to sell one of our properties to my sister in law. Given that there won't be any commission fees, we would be happy to sell it for $195k. We currently owe $90k and my sister in law only got press approved for $150k. We would like to sell it because we are planning to build soon and will do it with cash, and we would like my sister in law to have her own place. Is there any way to sell for $150k and do the rest in owner financing? Is there any other alternatives that we can explore to get the remaining $45k like some sort of note? If so, we would like a servicing company to mediate it, and if so, would the title company be someone to go to for a note to be serviced? I'd appreciate any suggestions, as we would like to find a way to get this done. Thanks

[Kerry Noble Jr]

yep you can create a 2nd position mortgage and set it up servicing like you stated