|
08-12-2008, 03:20 PM
|
|
Junior Member
|
|
Join Date: Aug 2008
9 posts, read 8,436 times
Reputation: 11
|
|
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.
|
|
08-13-2008, 03:35 PM
|
|
Senior Member
|
|
Join Date: Oct 2007
843 posts, read 511,771 times
Reputation: 366
|
|
Quote:
Originally Posted by machman
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. |
|
08-27-2008, 11:56 AM
|
|
Junior Member
|
|
Join Date: Aug 2008
9 posts, read 8,436 times
Reputation: 11
|
|
|
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?
|
|
08-28-2008, 11:35 AM
|
|
Senior Member
|
|
Join Date: Aug 2006
1,389 posts, read 1,814,045 times
Reputation: 164
|
|
|
Has a credit check been run on the prospective Contract Purchaser?
|
|
08-28-2008, 11:57 AM
|
|
Senior Member
|
|
Join Date: Aug 2006
Location: Bloomington IN
614 posts, read 635,424 times
Reputation: 157
|
|
|
You might also run into a problem with your current mortgage if there is a due on sale clause in it.
|
|
08-29-2008, 01:39 AM
|
|
Junior Member
|
|
Join Date: Aug 2008
9 posts, read 8,436 times
Reputation: 11
|
|
|
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
|
|
08-29-2008, 07:50 PM
|
|
Real Estate Agent
Status:
"pondering the plans for next year"
(set 23 days ago)
|
|
Join Date: Aug 2008
Location: Elkhart, IN
286 posts, read 154,942 times
Reputation: 218
|
|
|
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!
|
|
08-30-2008, 09:10 AM
|
|
Junior Member
|
|
Join Date: Aug 2008
Location: COLUMBUS, IN
6 posts, read 4,636 times
Reputation: 10
|
|
home????????
Quote:
Originally Posted by machman
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???????? |
|
08-30-2008, 09:12 AM
|
|
Junior Member
|
|
Join Date: Aug 2008
Location: COLUMBUS, IN
6 posts, read 4,636 times
Reputation: 10
|
|
|
Machman
where is your home located?? I am about to be homeless!!!!
Catfishnanny
|
|
09-02-2008, 12:06 PM
|
|
Junior Member
|
|
Join Date: Aug 2008
9 posts, read 8,436 times
Reputation: 11
|
|
Quote:
Originally Posted by CATFISHNANNY
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. |
Please register to post and access all features of our very popular forum. It is free and quick.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
|
|
Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 700,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. 
Linear Mode
