Unless there is a special clause or agreement about it in the contract or at closing, it is yours.
It is important to check and make sure you get all the real estate tax exemptions that are allowed each year. There are many. Some people get several.... more
Do you have a sizable chunk of money to put up as a down payment on a land contract? Hopefully you saved all the payments you were not making on the house and set them aside for just this purpose because land contract down payments are typically considerable - much more than a lease-option type of thing.
Anyway, you can contact a local real estate agent and have them put it in the MLS. You simply have to disclose that the home is being sold as a ready-to-go investment property or such. Put specific instructions in the both public and agent remarks which tells people to call agent for details about tenant situation. People call, your agent explains, and if you have a good down payment and are willing to see the investor make some money on the back end when you buy it back then it should be something that can be put together.
Just so you know though, most real estate investors are looking to see five-figure paydays. They're not going to go above and beyond just for $5,000.... more
Please keep in mind that most lenders will require that you first collect a full year of rental income (from the lease of your current home) before you can claim it as additional source for financing of your second property.... more
The most important thing to remember is that when the next tax bill comes in May of 2012, the money to pay those taxes are coming from the money you received at closing.
If you escrow your taxes with your lender then this amount gets deposited into that account for future tax payments because we always pay in arrears in Will County - in 2012 we pay 2011 taxes. Because you didn't live in the home in 2011, the taxes are being covered by the prior owner and given to you as a credit so you can pay them when they are due.
IF you do not escrow your taxes, then this amount just reduces the amount you need to bring to closing, but you will have to come up with the money to pay the taxes when they are due in 2012.
IF you do not escrow your taxes, you will need to pay for last years taxes on your own so it is always best to save this money in a separate account or escrow it so you don't use it on other things and then be shocked when the first tax bill comes out.... more