Selling of personal home... - Posted by Scott T.

Posted by Brent_IL on September 30, 2003 at 16:24:25:

The forcible detainer action can also be delayed by the tenant’s filing of a voluntary petition.

Selling of personal home… - Posted by Scott T.

Posted by Scott T. on September 30, 2003 at 11:59:25:

Hi Everyone,

I was wondering what advice all of you guys would have to someone that is selling their own personal home and to be quite honest, it doesn’t really matter if it sells now, next month, or next year. I want to sell the house at the maximum amount of money, but not sure what way that would be. In addition, I do know that I could refi the mortgage and pull money out now, but that is more costs (unnecessarily) if the house sells in the short term-I think that is correct!!! My main concern is that I want to get into another home while the interest rates are at a nice rate, therefore I guess it really does matter when I sell because no-one knows what rates are going to do!!!

Thanks in advance,

Scott T.

Re: Selling of personal home… - Posted by Randy

Posted by Randy on September 30, 2003 at 14:18:02:

Scott, you can offer it for sale as a Lease with option to purchase or as ?Seller Financed? with a contract for deed or land contract (which ever is appropriate for your state). In either of these scenarios you are offering a convenience to the buyer making it easier for them to buy your home, also you can offer it for higher than market value ? convenience.

The difference between the two is in a L/O if your buyer defaults you can evict in a short period of time, in a CFD or Land Contract (in most states) you must foreclose, takes longer, costs more and can be delayed by a bankruptcy filling. In a L/O you collect an option consideration when the lease is signed (typically non-refundable) in a CFD you collect a down payment. There are other differences but these are the basics.