The outstanding balance was $116,900, however the open bid was $124,167.  

So given the schedule below, the seller would receive $14,669 in interest (2016 $3732 + 2017 $4910 + 2018 $4832 + 2019 $1195) and the total amount of $4,242 (2016 $1100 + 2017 $1532 + 2018 $1610 + 2019 $415).So after 3 years the total amount left on the terms would be the initial $100,000 – $4,242 (the principle paid) leaving a balance of $95,758.As I understand it (please correct me if I am wrong), before the 3 year balloon, I would need to either secure a conventional and/or private loan for the remaining balance.

This works when you want to give the seller options balancing between price and terms.

Most HM is interest only repayment, so the balance will not go down.

I know you wanted to save money on the listing but here are the main reasons to have a vehicle for checks and balance.

Here is how you tell if a seller is motivated:You have a question form you ask every seller (bedrooms, baths, mortgage balance, etc.) and if they won't answer the questions then they are not motivated.

Say now the balance is $85 and you purchase for $65k with the property quit claimed to you and the borrower/buyer now continuing to make payments to you.

It is in MD, paid $230 comps at 305k loan balance at 197k

How do I balance being a roommate and a landlord?

A land contract (otherwise known as a contract for deed) is an executory sale, which means that the buyer signs for it now but does not get title (or a deed) for it until the balance is paid.