Posted by Cindy-OR on October 23, 2008 at 14:07:52:
Thanks for responding-good advice. The seller is 72, just lost most of his retirement within the last few weeks and is asking for the Land Sale Contract. He was willing to accept the one MY lawyer drew up.
The RMV is $260k
It looks like the Vacation Rental Biz will more than cover the payments. I’m going to use the title co. Thanks!
Closing without Title Co. - Posted by Cindy-OR
Posted by Cindy-OR on October 22, 2008 at 12:49:54:
Hi, I’m trying to purchase with a Land Sale Contract, 100% owner financing, Low interest only payments for 6 years, 0 down, with a price below tax assessed value. One block from ocean. 2 Bed 2 Bath, Lot and a 1/2.
My problem, of course is cash. I’ve put 1200 into Lawyer fees and an extensive thermal image inspection and mold detection report.
The home needs about 5k in repairs and I’m supposed to pay all closing costs.
A friend suggested closing myself with a notorized memorandum.
I’ts in escrow and the title report looks good, the lawyer looked at it too.
Whatcha think? Thanks!
Re: Closing without Title Co. - Posted by Kristine-CA
Posted by Kristine-CA on October 22, 2008 at 13:55:27:
Cindy: why a land contract? Have the seller carry back the balance on
a trust deed or mortgage (whatever is used in your state). You have no
control with a land contract…not good.
You say you are getting the property for below tax assessed value.
That means virtually nothing…are you sure you are not overpaying?
When a seller is willing to sell with 100% financing, there is often a
mark-up, which is OK if the payments work for you and you want the
property. But since you mention tax assessed value, I’m concerned
that you don’t know the real value.
I say don’t close the deal yourself, regardless of whether or not you
get a land contract or deed of trust. If you can’t find or borrow the
dough for the closing, ask the seller to wrap the closing costs into the
your loan or sales price.
But before proceeding, make sure you are buying something that
either 1) is totally affordable for you and/or 2) that you are not way
overpaying just to get the great terms. Kristine