Hi Folks,
I sold a property on a subject to (sub2) transaction. This is similar to a seller financing structure where the buyers assumes my mortgage and makes payments. Also they pay me a monthly payment. How do I account for this in Stessa?
Here’s some sample numbers for illustration.
Sold price $100k
Buyer makes payments on my mortgage - $40k balance, $250 monthly
Buyer makes monthly payments to me - $40k loan to seller, $250 monthly
Buyer made a down payment of $10k directly to me as part of closing
Thanks