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Old 08-12-2008, 02:20 PM
 
9 posts, read 35,349 times
Reputation: 13
Default Selling on contract question

OK,

I have not had any luck selling my home in Indiana while I am in Arizona. I have been making mortgage payments now for 10 months, and it is really starting to hurt, so I have considered either turning it into a rental, or my realtor mentioned selling it on contract.

Who keeps the down-payment tho? My realtor stated that she would keep the entire downpayment, but that sounds like a crock to me.

Is that right? Seems like she would be entitled to something, but not the full downpayment.
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Old 08-13-2008, 02:35 PM
 
1,097 posts, read 2,329,292 times
Reputation: 599
Quote:
Originally Posted by machman View Post
OK,

I have not had any luck selling my home in Indiana while I am in Arizona. I have been making mortgage payments now for 10 months, and it is really starting to hurt, so I have considered either turning it into a rental, or my realtor mentioned selling it on contract.

Who keeps the down-payment tho? My realtor stated that she would keep the entire downpayment, but that sounds like a crock to me.

Is that right? Seems like she would be entitled to something, but not the full downpayment.
How much would the down payment be? Under your listing agreement, you've agreed to pay your realtor a percentage of the selling price as commission, to be split between the realtor and a buyer's agent. That should determine the fee, not the amount someone decides to put down on the property. But the realtor will expect to be paid in full at the time the down payment is made, which might take a large chunk of the payment.
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Old 08-27-2008, 10:56 AM
 
9 posts, read 35,349 times
Reputation: 13
OK,

That makes sense. I have no idea what downpayment is typical for a contract sale, so I can see that if it were less than that seller's commision, she would get it. So then, I would assume whent he contract buyer is able to obtain financing, the agent would not then charge a commision again, correct?
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Old 08-28-2008, 10:35 AM
 
2,152 posts, read 6,658,511 times
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Has a credit check been run on the prospective Contract Purchaser?
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Old 08-28-2008, 10:57 AM
 
Location: Bloomington IN
1,864 posts, read 2,525,855 times
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You might also run into a problem with your current mortgage if there is a due on sale clause in it.
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Old 08-29-2008, 12:39 AM
 
9 posts, read 35,349 times
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Not sure about the claus, but I do know that my realtor is aware of my mortgage info. I have been living in Arizona for the last 2 years, and I was relying on a property manager to take care of my home. This was all working out OK until they failed to keep it rented starting last November, AND failed to keep the heat on. So... water damaged insued and not discovered until Feb. All repairs were covered by my insurance company, but that was another 3 months the house was empty while being renovated. So now, the house, which is only about 6 years old, is all new inside. New sub floor, new flooring throughout, new water softner(the thing the burst) etc. SO, I have now had this house leaching extra money for the last 10 months, and I would just LOVE to get out from underneath it now, but with the market down and my ability to sale it for enough to cover the mortgage AND the realtor fee, is what is leading me to think about the contract sale, or going back to leasing out the house. Heck, I would be happy to just get above break even. Anyone want a house in Markleville Indiana? LOL
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Old 08-29-2008, 06:50 PM
 
Location: Elkhart, IN
305 posts, read 569,671 times
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Machman, be very careful with a contract. As Rrah mentioned, if the mortgage is a relatively new one, it will not allow you to sell on contract. You need to get your mortgage out and check for that clause or call the mortgage company yourself. With a land contract you are in a vulnerable position. For sure get a real estate attorney to draw up the papers for you, so you are protected. If it were my house with the current market, I would rock bottom the price, re-negotiate the Realtor commission and keep trying to sell it outright. How large of a presence does your agent have on the net? How many photos on the listing? Its all in the details these days. Drop the price every 2 weeks until you start getting some action on it. The last option is a short sale, if your mortgage company would be willing to do that and if you would be willing to take the hit on your credit for it. Good luck!
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Old 08-30-2008, 08:10 AM
 
Location: COLUMBUS, IN
6 posts, read 17,518 times
Reputation: 10
Default home????????

Quote:
Originally Posted by machman View Post
ok,

i have not had any luck selling my home in indiana while i am in arizona. I have been making mortgage payments now for 10 months, and it is really starting to hurt, so i have considered either turning it into a rental, or my realtor mentioned selling it on contract.

Who keeps the down-payment tho? My realtor stated that she would keep the entire downpayment, but that sounds like a crock to me.

Is that right? Seems like she would be entitled to something, but not the full downpayment.
where is your home????????
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Old 08-30-2008, 08:12 AM
 
Location: COLUMBUS, IN
6 posts, read 17,518 times
Reputation: 10
Machman
where is your home located?? I am about to be homeless!!!!
Catfishnanny
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Old 09-02-2008, 11:06 AM
 
9 posts, read 35,349 times
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Quote:
Originally Posted by CATFISHNANNY View Post
where is your home????????
Sorry for the delay in response, but I do not check my notes from city data every day. My home is located in Markleville, just outside of Pendleton.
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