Selling mh with existing loan

[Amy]

We live in Colorado. My husband and his friend are trying to sell a mh they bought when they were single. We have a buyer with good credit but not enough to qualify for a loan. My husband and his friend currently owe $37000 on their loan.

The buyer wants to do some repairs (which will be $5-7k) on the home in lieu of a downpayment and then pay my husband the mortgage payment. My question is what documents to we need to draw up in order to protect our interest and make this a legitamite sale? Also, would we do a bill of sale and promissory note? If you do a promissory note and we put in their that each year he has to try to qualify for his own loan is that legal?

Help! It is so hard to find information on how to do this. Any help would be very much appreciated.

Amy

[rmurray]

It is by far best to get legal advice from an attorney in your area who understands the law in your state...This should cost no more than a few hundred dollars..Small in relation to the things that can happen if done wrong...Be sure to address insurance.....