Lets say that youowe $300,000 on a home. The buyer agrees to pay you $400,000. In this case you could accept $50,000 down payment form the buyer (this could be any number) and the Buyer now owes you $350,000.
The contract is between you and the buyer...the bank is sandwiched in the middle. In this case lets say your payment with taxes is $2500 that you pay to the bank. You and the new buyer agree that they will pay $3000 per month.
You both agree to put the monthly payment into a neutral collection account like a title company or bank. The bank is instructed to pay the bank first, than the taxes, and than you get the balance paid to you.
You still have a legal obligation to pay the loan and you need to keep the home insured to prevent against loss in the event the buyer damages the home or there is a fire. The Loan could eb for 1 year, 5 years, or whatever you can live with.
There is a down side and that is that you probably have a "Call" provision and that is a clause in the loan you have that sells if you transfer the title or any interest in the land that they can call the note. They rarely do but they can.
To protect you on this regard you need to have a clause that states that if your loan gets called due....than you are calling the contract with the buyer due. This can be a 90-120 day process. There is nothing illlegal about this at all and it is method we used in the horrendous markets of the 1980's as Interest rates were 18-20% form banks and we used these contracts to make sales at 8-10%.
We got things done and moved quite a few homes. This is something that can really work.
I am not sure if you are in Italy and or the US but either way this advise is only an explanation and you need to be careful to get adives in your market only! But this will work!
Great question...let me know if I can help further.
Dirk T Knudsen
Re\max Hall of Fame
#1 rated Re\Max team in Oregon
"The Real Estate Doctor"
You need to pose that question to experts with credentials in Italy.
In principal there is no reason you cannot finance a property you own as long as you are making the payments as agreed in your mortgage. However, I do not know Italian law. In particular, I would suggest discussing your long term goals and objectives and analyze how this will help you achieve your plans.
In California, however, you might be able to do such a transaction via a Contract for Sale, where title does not change hands until the property is unencumbered or paid off. This transaction is akin to a car encumbered with financing. The pink slip with no lienholder--or proof of full ownership--doesn't pass until the car it paid off.
These transactions become more common when traditional bank financing is difficult to obtain.
If you do it. Have 1 monthly payment from the buyer and you pay the taxes and insurance on the place.