Dianne Mitchell-Satriano ABR

That's being very creative, and if you are in a position to rent to your buyer with a considerable down payment that should be fine. Or you can create a contract of sale with a closing date next year, and rent to your buyer in the meantime, but have a considerable down payment held in escrow. I find that Wells Fargo has money to lend with a 5.5% interest rate right now and the good news is they will do the deal with 5% down providing the buyers have an excellent credit rating. Sometimes the buyers are not aware that their credit rating directly affects their mtge payment, a higher score gets them the best rate.
I hope this helps.
Dianne Mitchell-Satriano
RE/MAX RE Enterprises, Wyckoff, NJ - Sat Dec 6 2008, 10:13