someone wants to buy my house cash/we still have mortgage
We are in the process of trying to sell our home privately. We are asking for $400,000, and we still owe on the mortgage around $350,000. A family who seemed pretty serious about buying our house came to us with a proposition; they would like to pay half of what we are asking in cash, I don't believe they qualify for a loan but the have cash to pay. they then said they would have us get a lawyer to create an escrow account so that they could pay off the remainder of our loan and then become owners of the house.
I apologize if this sounds at all crazy or unclear, and would be glad to explain anything more that may clarify my issue.
we have another potential buyer and dont want to hold things up.
Does this sound like a scam or can people really buy houses partially in cash and pay off the remaining mortgage???