They send a paper check in the mail.

Otherwise the layout would make little sense (1000 sq ft is more than a new bed and bath, I assume LR/kitchen/DR are being increased as well).  

Man, that is a fantastic year on paper!

They usually sell by owner via word of mouth and the local paper.  

The house was offered "AS-IS" and we're buying with cash.After the AO, it was disclosed to us that a "Paper-Road" runs through the property and is the responsibility of the homeowner to maintain this parcel, which is about 25 feet worth of side yard.  

Then you realize you have Y days to find a buyer for your piece of paper for more money than you agreed to pay the seller. 

@Bryan Clark Hey Bryan, on paper this looks like a decent deal.

This will improve the kitchen layout.

Everything being equal, this appears on paper to be an outstanding investment opportunity, based on what you shared.

Here again, it's normally country banks sitting on a lot of money that they don't need right away.Looks like the common thread here is looking for folks selling that don't need the money, or banks with too much money laying around, they are happy taking a piece of paper from you, i.e. the mortgage note.