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Buying on Contract |
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WE ARE BUYING A HOME ON CONTRACT. THE SELLER WANTS 118,000. WE ARE PAYING HIM $1000.00 A MONTH FOR 2 YEARS OR 24 MONTHS. WE ARE THEN GOING TO GET A MORTGAGE. WHEN WE FINANCE I FEEL LIKE WE SHOULD PAY $94,000. BUT THE SELLER FEELS LIKE IT WOULD BE MORE. HE PAYS 6.8 INTEREST ON THE LOAN. DOES THE $1000. A MONTH COME OFF THE ASKING PRICE OR WOULD YOU CONSIDER INTEREST IN THAT?
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I can't give you any opinion on the negotiations between you and the seller, but I would advise very strongly that you have your own real estate lawyer draw up the contract or at least look it over before you sign anything. Lease-option sales, or contracts for deed, are complicated and you must make sure your interests are protected as well as the sellers'.
As for the financial details of your agreement -- that's all negotiable between you and the seller. If you feel you don't understand exactly what should happen, try to hire a real estate broker, perhaps by the hour, to help you arrive at the final agreement. |
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Edith
Originally published on November 28, 2007 |
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