I did want to mention the rest of the part below too.
I checked into putting our house on a lease to own option, but I've discovered that investor's require you to have 75% equity or greater in your home in order for the rental income to count
towards my total income for the year even if I can find a renter who would be interested in buying our home eventually. We only have ~ 10% equity in our home at this point in time so if we did rent out our home on a lease to own option then we would not qualify for the funding to get our dream home that we are wanting. Any straight forward yet helpful answers would be appreciated.... more
There are many options out there, but it is really important that you do your research. In addition to a Realtor guiding you through the process (which is a must - if you don't have a Realtor as your first line of defense, get one) it would be best to seek legal advice from an attorney. There may be options out there, but they are not always in the best interest of the renter or buyer.
Good luck!... more
I think it's all about personal preference. Some people like older homes for the "charm" and the neighborhood. These people understand that older homes may require more maintenance and upkeep, but would rather have a unique home in an older, established neighborhood.
Others don't want to do any work, and want a newer home, even though it may be in a newer "cookie cutter" type neighborhood.... more
It is all based on the home, area, market time and the comparables in the area. You need to see what has sold comparably and base your price accordingly. They will negotiate, but usually not a whole lot. With some exceptions, there homes are usually priced to move. There is no formula, you need to have your agent or you need to do the homework on the area market. Also, offer based on how much you want it.
I never encourage buyers to low ball REO properties. It never works.
These homepath properties also come with great programs for closing, warranty, etc. That factors in there.... more