Ready To Cash Out! I Think
I've taken control of a 3bed home in great shape using a L/O contract. I negoitated an option price of 70K w/market value of about 80K. I cleaned up the property and put in a new bathroom. The new market value should be about 82K-85K w/2K being my total expenses for the project. I know that I probably should not have even spent that much as I don't actually own the house but the rehabber in my couldn't resist.
Anyway on to the question, I just listed my ad (looking to cash out soon) in the paper and my phone is blowing up w/calls from interested people and realators. (should be exciting- but all want to do a land contract) I've given it some thought and it seems to me to be the least desirable method of selling as I would actually have to go to the bank and get financed, then hold the property right? Given my situation any advice would be greatly appreaciated.
If you market properly, a L/O will suffice, as there are many T/Bs who would jump at the chance to get a home. You do not have the right to use a LC, because with a L/O from your Seller/Owner, all you can do is L/O to your Buyer--unless you either obtain some type of owner-financing from your Seller (or LC or sub2) or go to a lender to cash the Seller out.
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Thank you for your response, it seems that w/as many calls as I am recieving (7calls and 1 showing) within the first few hours after the ad was printed, that cashing out my seller then turning around and financing my buyer w/LC should go as far at the bottom of my list as possible. I,ll post my results when i find a real buyer-thanks again
Decide what you want and customize your ad to target that.
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