Comments on: To sell? to rent? to contract? http://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/ Finance is not rocket science, unless it is government finance. Sat, 05 Jun 2010 22:48:26 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Land Contract Snafu | rocket financehttp://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-21624 Land Contract Snafu | rocket finance Wed, 11 Mar 2009 03:44:52 +0000 http://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-21624 [...] Most of you know that my family and I recently moved several states to the west. Our move took place rather quickly and now we find ourselves as the proud owners of an empty house in Wisconsin and as the recent signees of a twelve month lease in Colorado. Our finances are stretched as tight as possible, but with the help of a small raise and a similarly sized budget surplus from 2007, the situation will be tenable for six months to a year. Housing expenses are currently consuming seventy-five percent of our monthly income. Obviously we are doing all we can to sell our home. A month ago, I mentioned that I was considering a land contract. [...] [...] Most of you know that my family and I recently moved several states to the west. Our move took place rather quickly and now we find ourselves as the proud owners of an empty house in Wisconsin and as the recent signees of a twelve month lease in Colorado. Our finances are stretched as tight as possible, but with the help of a small raise and a similarly sized budget surplus from 2007, the situation will be tenable for six months to a year. Housing expenses are currently consuming seventy-five percent of our monthly income. Obviously we are doing all we can to sell our home. A month ago, I mentioned that I was considering a land contract. [...]

]]> By: Frankhttp://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-3432 Frank Wed, 25 Jun 2008 20:27:18 +0000 http://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-3432 Well here is how it is i Have sold 2 houses on land contract and find them be very helpful.A land contract just like a traditional loan has clauses that you can put in place to protect yourself and the buyer. You should alway consult an attorney to write up the papers you two just need to agree on them. Yes most peolple going into land contracts have credit issues and no you should not charge more to him because of that. The people who do that are just making the situation worst. Look at it like this if you rent you may also have to evict. Now with the land contract your looking at getting you could say a renter that is going to take care of your property taxes and insurance. If he fails than it's a simple process to cancel the contract. You can even put in a automatic cancel clause. So say he misses two payments in a row well than the contract is null and void and he reverts back to a renter or faces eviction thats all good luck Well here is how it is i Have sold 2 houses on land contract and find them be very helpful.A land contract just like a traditional loan has clauses that you can put in place to protect yourself and the buyer. You should alway consult an attorney to write up the papers you two just need to agree on them. Yes most peolple going into land contracts have credit issues and no you should not charge more to him because of that. The people who do that are just making the situation worst. Look at it like this if you rent you may also have to evict. Now with the land contract your looking at getting you could say a renter that is going to take care of your property taxes and insurance. If he fails than it’s a simple process to cancel the contract. You can even put in a automatic cancel clause. So say he misses two payments in a row well than the contract is null and void and he reverts back to a renter or faces eviction thats all good luck

]]> By: Laurahttp://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-2328 Laura Fri, 02 May 2008 15:11:24 +0000 http://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-2328 Also, on a land conrtact you can set the payments and interest to what you want, not necessarily what the banks say. If this guy is looking to land contract, he probably has some kind of credit or other financial problem. It is not taking advantage of someone to charge them an appropriate amount for a payment when they need a special kind of financing. Don't be scared of land contracts because you have heard bad stories. There are bad stories about everything and as people pass them on they gain extra drama. Just protect yourself with a lawyer who does real estate. This type of financing can help people get back into houses, especially after this housing crisis. Also, on a land conrtact you can set the payments and interest to what you want, not necessarily what the banks say. If this guy is looking to land contract, he probably has some kind of credit or other financial problem. It is not taking advantage of someone to charge them an appropriate amount for a payment when they need a special kind of financing. Don’t be scared of land contracts because you have heard bad stories. There are bad stories about everything and as people pass them on they gain extra drama. Just protect yourself with a lawyer who does real estate. This type of financing can help people get back into houses, especially after this housing crisis.

]]> By: Laurahttp://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-2327 Laura Fri, 02 May 2008 15:06:13 +0000 http://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-2327 Go to a real estate attorney. They provide these services an you will be protected. Go to a real estate attorney. They provide these services an you will be protected.

]]> By: Four Pillarshttp://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-1782 Four Pillars Wed, 19 Mar 2008 22:06:46 +0000 http://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-1782 <i>And what is your method of removing bandaids?</i> Rip it off...and move on. :) Seriously, I wish I could be more positive but sometimes things don't work out like we planned them. Mike And what is your method of removing bandaids?

Rip it off…and move on. :)

Seriously, I wish I could be more positive but sometimes things don’t work out like we planned them.

Mike

]]> By: rocketchttp://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-1779 rocketc Wed, 19 Mar 2008 18:50:58 +0000 http://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-1779 this is all good food for thought. I'll let you know when I hear the offer. this is all good food for thought. I’ll let you know when I hear the offer.

]]> By: Aaron Stroudhttp://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-1776 Aaron Stroud Wed, 19 Mar 2008 17:33:56 +0000 http://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-1776 I agree with Four Pillars. Cut your loses and move on. You don't want a home back in Wisconsin hauting you and your wife. Although renting to a friend or aquaintance can work, it can also ruin a friendship. So I wouldn't consider that option, but you might be a better judge of character than I am. I agree with Four Pillars. Cut your loses and move on. You don’t want a home back in Wisconsin hauting you and your wife.

Although renting to a friend or aquaintance can work, it can also ruin a friendship. So I wouldn’t consider that option, but you might be a better judge of character than I am.

]]> By: Lynnae @ Being Frugal.nethttp://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-1774 Lynnae @ Being Frugal.net Wed, 19 Mar 2008 14:44:34 +0000 http://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-1774 Keep in mind I know nothing about land contracts, but my gut reaction is that you should just try to sell the house. The land contract sounds good, but what if the buyer doesn't take good care of the house, or decides he doesn't want it after 6 months of living there? Would you have any recourse if he just abandoned the home? Then you'd be stuck with a home in worse shape than it is now. Keep in mind I know nothing about land contracts, but my gut reaction is that you should just try to sell the house.

The land contract sounds good, but what if the buyer doesn’t take good care of the house, or decides he doesn’t want it after 6 months of living there? Would you have any recourse if he just abandoned the home? Then you’d be stuck with a home in worse shape than it is now.

]]> By: rocketchttp://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-1773 rocketc Wed, 19 Mar 2008 13:48:58 +0000 http://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-1773 wow, that's pretty straight talk. And what is your method of removing bandaids? :) wow, that’s pretty straight talk. And what is your method of removing bandaids? :)

]]> By: Four Pillarshttp://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-1772 Four Pillars Wed, 19 Mar 2008 13:31:21 +0000 http://www.rocketfinance.net/2008/03/19/to-sell-to-rent-to-contract/#comment-1772 My advice is sell it for whatever you can get and move on. Whether it's a profit or a loss situation, it doesn't matter. Sell it. Mike My advice is sell it for whatever you can get and move on. Whether it’s a profit or a loss situation, it doesn’t matter.

Sell it.

Mike

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