Land contract in Bardstown? (real estate, foreclosure, rental)

[mriddick]

I have an older house setting empty in Bardstown, it was my sons house till they joined the USAF. My wife and I have other residences in Nashville and a retirement house on Rough River lake, considering the distance to the house, our age and time constraints the upkeep this summer is something I'd like to avoid. While I haven't really tried selling the house outright a neighbor has inquired aobut selling the house to him on a land contract deal. I know alittle of the guy, he's seems steady in his work and social life, he's rented a house across the street for 5 years without a problem (this was originally sold to him as rent to own but I think the seller backed out) and I consider him trustworthy. Over all is it worth selling on landcontract if you're really wanting a fast/easy sell? I've called one real estate dealer about selling my house but she never called back (I think if the house isn't new they aren't concerned about it).

So whats the difference between land contract and rent to own?
A friend said I should rent it with a right of first chance of a bid when selling.
Are there companies that will manage a rental from afar?

Advice or info would be great.

[tomocox]

Originally Posted by mriddick

I have an older house setting empty in Bardstown, it was my sons house till they joined the USAF. My wife and I have other residences in Nashville and a retirement house on Rough River lake, considering the distance to the house, our age and time constraints the upkeep this summer is something I'd like to avoid. While I haven't really tried selling the house outright a neighbor has inquired aobut selling the house to him on a land contract deal. I know alittle of the guy, he's seems steady in his work and social life, he's rented a house across the street for 5 years without a problem (this was originally sold to him as rent to own but I think the seller backed out) and I consider him trustworthy. Over all is it worth selling on landcontract if you're really wanting a fast/easy sell? I've called one real estate dealer about selling my house but she never called back (I think if the house isn't new they aren't concerned about it).

So whats the difference between land contract and rent to own?
A friend said I should rent it with a right of first chance of a bid when selling.
Are there companies that will manage a rental from afar?

Advice or info would be great.

1st... Not quite enough information specific to your house, but I bet you I can find you a Realtor who would jump at the opportunity to serve you.

2nd... Home land contracts... NEVER!! Kentucky considers land contracts the same as any mortgage, you loose title to your property and will have to go through the foreclosure process to reclaim your property if the buyer defaults.

3rd... possible solution, lease the property to the buyer. Give them an option to buy the home in one or two years at the current price.

I hope this helps.

[Off Topic]

Originally Posted by tomocox

2nd... Home land contracts... NEVER!! Kentucky considers land contracts the same as any mortgage, you loose title to your property and will have to go through the foreclosure process to reclaim your property if the buyer defaults.

Agree 100%, if not more. Also called Contracts for Deed or Installment Land Contracts, these are nothing but trouble. If they default, you do not evict them like a tenant -- you have to foreclose on them like a bank. And that is expensive and time consuming, to say the least.

There is a reason this person can't get a loan -- if the banks, who, after all, are in the business, won't loan him money, then neither should you. And that's what you would be doing.