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Offer Sounds Iffy |
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I am trying for a very fast sell, in this slow market. The last buyer cancelled out 4 hrs before signing. I have found a real estate investor/broker and he wants to pay me $1800 a month until he receives the OK on a $220,000 mortgage loan. Is this a very iffy situation, or business as usual. How would this affect my taxes, it would probably be listed as income, whereas a clean sell would not. I have no ideas on this aspect of selling my home. Thanks Frank |
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Don't do anything until you've consulted your own real estate lawyer. I'm not in a position to judge, particularly as I haven't seen the offer or the documents involved, but if your buyer really wants your property, can't he wait until his mortgage is approved? If there's some question about whether it might be turned down, where would you stand then, with your property tied up in what-- a rental? a take-back mortgage? Guess I don't know enough of the particulars to say much except that you're probably right to be wary. It's a most unusual proposition. Don't sign anything till you've run it past your lawyer. |
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Edith
Originally published on September 17, 2007 |
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