Posted by Bud Branstetter on November 05, 1998 at 10:32:19:
Yes, it will work. Several things can cut into your profit. Closing costs, low appraisal, less strenght on your buyer’s credit or less cash down can complicate life.
Hopefully, your seller will subordinate to a new first. Look at the days on the market for solds of these higher priced houses to guage the number of buyers for these as compared to the average house.
Have you found out information like what is the first lien. Can you take it over and sell a 2nd to get her the cash she wants? What is she going to do with the money?