William asks…
Applications for selling my house on land contract?
I have people interested in buying my home, but I need to send them an application to get all their info; so I can decide who’s best to do land contract with.
Where do I find a blank one to print off internet/
admin answers:
No such animal. Just go by your bank where you have a checking account and pick up one of their loan application forms (several) have the potential borrowers fill it out and provide it to you.
Maria asks…
How does selling a house on a land contract affect your ability to buy another house?
I’ve been trying to sell my house for 6 months with very little success. I was recently approached by someone about the possibility of purchasing my house via a land contract. How would that affect my ability to purchase a new home? Would I even be able to secure another mortgage considering I would essentially still have the mortgage on the current house?
admin answers:
You would have to qualify with both payments & most people don’t.
Joseph asks…
How to handle Taxes on a House sold on land contract?
They paid $5000.00 down (which comes off of the sale price) and now pay $750.00 monthly interest (which does not come off the price of house) the contract is for 3 years with the option to buy or renegotiate the contract. How do I handle this on my tax return
admin answers:
Unearned income.
George asks…
Where can I find a form for selling a house on contract?
admin answers:
Staples or Office Max
David asks…
Best option to sell house, Land Contract or Lease to own?
It’s my mother’s home and we want to move to an apartment and sell the house, but she’s on Medicaid. Need to use money for burial and to buy items that she needs, such as clothes, etc.
admin answers:
Land contract by far. People who lease to own usually do not buy and it is a different type of tenant with a renter’s mentality. At least with the land contract the people are in the mode of buying and there is a better chance of finding someone who will go through with the transaction.
With all of that being said it would be even better to simply sell the property if the market will support that decision. Whatever you choose you need to get professional help. A good real estate agent can help in any one of the above decisions and will advise you on pricing, days on the market, market conditions, handle all of the phone calls, show the property and advise you each step of the way.
If you do a land contract or a rent to own hire a real estate attorney to write out the necessary contracts and legal documents. You will never regret paying for good professional help but there can be a world of regret when loose ends show up at the most inconvenient of times.
What you are doing is not easy but it is necessary. The best to you!
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